Adobe Inc. (NASDAQ:ADBE) Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. reduced its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 9.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 767,517 shares of the software company's stock after selling 78,462 shares during the period. Envestnet Asset Management Inc. owned about 0.18% of Adobe worth $294,366,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in ADBE. Siemens Fonds Invest GmbH boosted its position in shares of Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after purchasing an additional 39,888 shares in the last quarter. Barnes Dennig Private Wealth Management LLC bought a new stake in Adobe in the first quarter worth $26,000. SWAN Capital LLC bought a new stake in Adobe in the fourth quarter worth $28,000. Copia Wealth Management bought a new stake in Adobe in the fourth quarter worth $28,000. Finally, Summit Securities Group LLC bought a new stake in Adobe in the fourth quarter worth $31,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Trading Down 2.2%

ADBE traded down $8.08 during trading on Friday, hitting $363.35. 3,545,215 shares of the stock were exchanged, compared to its average volume of 3,454,388. The firm has a 50 day simple moving average of $396.03 and a 200 day simple moving average of $405.83. The firm has a market cap of $154.13 billion, a price-to-earnings ratio of 23.25, a P/E/G ratio of 1.76 and a beta of 1.51. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data 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 company had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. Adobe's quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the business posted $4.48 EPS. As a group, equities analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Analysts Set New Price Targets

ADBE has been the subject of several recent analyst reports. BMO Capital Markets restated an "outperform" rating and issued a $450.00 price target on shares of Adobe in a research note on Friday, June 13th. KeyCorp upgraded Adobe from an "underweight" rating to a "sector weight" rating in a research note on Friday, March 21st. DA Davidson reiterated a "buy" rating and set a $500.00 price objective on shares of Adobe in a research report on Friday, June 20th. Robert W. Baird upped their price objective on Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research report on Monday, June 16th. Finally, Summit Redstone set a $410.00 price objective on Adobe in a research report on Wednesday, March 19th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Adobe has an average rating of "Moderate Buy" and an average target price of $480.08.

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.