Conning Inc. Lowers Position in Adobe Inc. (NASDAQ:ADBE)

Conning Inc. reduced its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 17.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,308 shares of the software company's stock after selling 697 shares during the period. Conning Inc.'s holdings in Adobe were worth $1,269,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the company. Onyx Bridge Wealth Group LLC raised its stake in shares of Adobe by 119.2% during the 1st quarter. Onyx Bridge Wealth Group LLC now owns 1,153 shares of the software company's stock worth $442,000 after buying an additional 627 shares in the last quarter. Goelzer Investment Management Inc. raised its position in Adobe by 1.4% in the first quarter. Goelzer Investment Management Inc. now owns 15,247 shares of the software company's stock worth $5,848,000 after acquiring an additional 209 shares in the last quarter. Checchi Capital Advisers LLC raised its position in Adobe by 2.1% in the first quarter. Checchi Capital Advisers LLC now owns 3,798 shares of the software company's stock worth $1,457,000 after acquiring an additional 77 shares in the last quarter. North Capital Inc. purchased a new position in Adobe in the first quarter worth $75,000. Finally, D.A. Davidson & CO. raised its position in Adobe by 14.8% in the first quarter. D.A. Davidson & CO. now owns 56,435 shares of the software company's stock worth $21,645,000 after acquiring an additional 7,283 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of research analyst reports. Oppenheimer cut their price target on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a report on Friday, June 13th. Phillip Securities raised shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday, June 16th. Mizuho dropped their target price on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a report on Friday, June 13th. Redburn Atlantic cut shares of Adobe from a "hold" rating to a "strong sell" rating and dropped their target price for the company from $420.00 to $280.00 in a report on Wednesday. Finally, Bank of America raised their price objective on Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a research note on Friday, June 13th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $480.08.

Adobe Trading Up 0.3%

Shares of NASDAQ ADBE traded up $1.09 during midday trading on Friday, reaching $379.56. 2,863,680 shares of the stock were exchanged, compared to its average volume of 3,432,840. The company has a market capitalization of $161.01 billion, a P/E ratio of 24.28, a P/E/G ratio of 1.80 and a beta of 1.51. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The stock has a 50 day moving average price of $396.09 and a 200-day moving average price of $408.04.

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

About Adobe

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.