Cobblestone Capital Advisors LLC NY Has $1.18 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Cobblestone Capital Advisors LLC NY reduced its stake in Adobe Inc. by 41.5%, owning 3,071 shares after selling 2,179 shares in the first quarter.
• Adobe reported earnings of $5.06 per share for the quarter, exceeding analysts' expectations, with a 10.6% increase in revenue compared to the previous year.
• Adobe's stock has a consensus rating of "Moderate Buy" with a target price of $473.88 according to analysts.

Cobblestone Capital Advisors LLC NY lessened its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 41.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,071 shares of the software company's stock after selling 2,179 shares during the period. Cobblestone Capital Advisors LLC NY's holdings in Adobe were worth $1,178,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Siemens Fonds Invest GmbH grew its stake in shares of Adobe by 252.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after buying an additional 39,888 shares during the last quarter. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Adobe in the 1st quarter worth $26,000. SWAN Capital LLC purchased a new position in shares of Adobe in the 4th quarter worth $28,000. Copia Wealth Management bought a new position in Adobe in the 4th quarter worth $28,000. Finally, HHM Wealth Advisors LLC bought a new position in Adobe in the 1st quarter worth $30,000. Institutional investors own 81.79% of the company's stock.

Adobe Stock Performance

Adobe stock traded up $4.78 during mid-day trading on Tuesday, reaching $338.43. The company had a trading volume of 3,539,601 shares, compared to its average volume of 3,797,458. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The company has a 50 day moving average of $377.15 and a 200-day moving average of $394.76. Adobe Inc. has a 52 week low of $330.04 and a 52 week high of $587.75. The firm has a market cap of $143.56 billion, a price-to-earnings ratio of 21.65, a PEG ratio of 1.62 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating the consensus estimate of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.80 billion. During the same period in the prior year, the firm earned $4.48 earnings per share. Adobe's revenue was up 10.6% compared to the same quarter last year. On average, sell-side analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts recently commented on the company. Stifel Nicolaus dropped their price target on Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a research report on Friday, June 13th. Mizuho reduced their price objective on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research note on Friday, June 13th. Bank of America upped their target price on Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a research report on Friday, June 13th. Phillip Securities raised Adobe from a "moderate sell" rating to a "strong-buy" rating in a research report on Monday, June 16th. Finally, Royal Bank Of Canada reissued an "outperform" rating and set a $480.00 target price on shares of Adobe in a research note on Thursday, June 5th. Three equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $467.58.

Adobe Profile

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.