Crestwood Advisors Group LLC Has $55.90 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Crestwood Advisors Group LLC decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 1.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 145,756 shares of the software company's stock after selling 1,449 shares during the period. Crestwood Advisors Group LLC's holdings in Adobe were worth $55,902,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Brighton Jones LLC boosted its holdings in shares of Adobe by 2.1% during the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock valued at $3,588,000 after acquiring an additional 167 shares during the period. Bank Pictet & Cie Europe AG boosted its holdings in shares of Adobe by 2.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock valued at $12,882,000 after acquiring an additional 756 shares during the period. GHE LLC boosted its holdings in shares of Adobe by 2.9% during the fourth quarter. GHE LLC now owns 23,577 shares of the software company's stock valued at $10,484,000 after acquiring an additional 670 shares during the period. Magnetar Financial LLC boosted its holdings in shares of Adobe by 29.5% during the fourth quarter. Magnetar Financial LLC now owns 729 shares of the software company's stock valued at $324,000 after acquiring an additional 166 shares during the period. Finally, Lee Danner & Bass Inc. acquired a new stake in Adobe in the fourth quarter worth about $56,000. Institutional investors own 81.79% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently weighed in on ADBE shares. 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 report on Friday, June 13th. Stifel Nicolaus reduced their price objective on shares of Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a report on Friday, June 13th. UBS Group upped their price objective on shares of Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a report on Monday, June 9th. Wells Fargo & Company restated an "overweight" rating and set a $470.00 price objective (up previously from $430.00) on shares of Adobe in a research report on Friday, June 13th. Finally, Oppenheimer lowered their price objective on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research note on Friday, June 13th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Adobe has a consensus rating of "Moderate Buy" and a consensus price target of $473.88.

Adobe Stock Performance

ADBE stock traded up $0.87 during midday trading on Thursday, hitting $373.33. The stock had a trading volume of 1,254,354 shares, compared to its average volume of 3,773,752. The firm has a market capitalization of $158.36 billion, a price-to-earnings ratio of 23.88, a P/E/G ratio of 1.77 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 stock has a 50-day simple moving average of $392.60 and a 200 day simple moving average of $401.60. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.97 by $0.09. The company had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The business's revenue was up 10.6% on a year-over-year basis. During the same period last year, the business earned $4.48 earnings per share. As a group, equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

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.