Eastern Bank Decreases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Eastern Bank reduced its holdings in Adobe Inc. by 84.7% in Q1, owning only 5,640 shares valued at $2.16 million after selling 31,184 shares.
• A variety of hedge funds have shifted their investments in Adobe, with companies like Vestcor Inc and Brucke Financial Inc. increasing their positions by 1.8% and 62.0%, respectively.
• Adobe's stock currently has an average rating of "Moderate Buy" from analysts, with target prices ranging from $280 to $500 following recent upgrades and downgrades.

Eastern Bank lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 84.7% in the first quarter, according to its most recent filing with the SEC. The firm owned 5,640 shares of the software company's stock after selling 31,184 shares during the period. Eastern Bank's holdings in Adobe were worth $2,163,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of ADBE. Sepio Capital LP lifted its holdings in Adobe by 2.3% during the fourth quarter. Sepio Capital LP now owns 993 shares of the software company's stock valued at $442,000 after purchasing an additional 22 shares in the last quarter. Cadence Bank lifted its holdings in Adobe by 0.5% during the fourth quarter. Cadence Bank now owns 4,883 shares of the software company's stock valued at $2,171,000 after purchasing an additional 22 shares in the last quarter. Eagle Strategies LLC lifted its holdings in Adobe by 1.5% during the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock valued at $651,000 after purchasing an additional 22 shares in the last quarter. RB Capital Management LLC lifted its holdings in Adobe by 0.4% during the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock valued at $2,198,000 after purchasing an additional 22 shares in the last quarter. Finally, Orin Green Financial LLC lifted its holdings in Adobe by 3.8% during the fourth quarter. Orin Green Financial LLC now owns 621 shares of the software company's stock valued at $276,000 after purchasing an additional 23 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts have weighed in on ADBE shares. DA Davidson reaffirmed a "buy" rating and set a $500.00 price target on shares of Adobe in a report on Friday, June 20th. Robert W. Baird boosted their target price on shares of Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a report on Monday, June 16th. Citigroup reduced their price target on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a research report on Monday, June 16th. BMO Capital Markets restated an "outperform" rating and issued a $450.00 price target on shares of Adobe in a research report on Friday, June 13th. Finally, Oppenheimer reduced their price target on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research report on Friday, June 13th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Adobe has a consensus rating of "Moderate Buy" and an average target price of $473.88.

Adobe Stock Down 2.2%

NASDAQ:ADBE traded down $7.70 during mid-day trading on Friday, reaching $349.99. The company's stock had a trading volume of 597,404 shares, compared to its average volume of 3,747,988. 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 stock has a fifty day moving average of $386.92 and a 200-day moving average of $399.51. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The firm has a market capitalization of $148.46 billion, a PE ratio of 22.41, a price-to-earnings-growth ratio of 1.73 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. The company had revenue of $5.87 billion during the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $4.48 earnings per share. Equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Adobe Company 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.