Envestnet Portfolio Solutions Inc. Sells 11,624 Shares of Adobe Inc. (NASDAQ:ADBE)

Envestnet Portfolio Solutions Inc. lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 29.1% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 28,289 shares of the software company's stock after selling 11,624 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in Adobe were worth $10,850,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Sepio Capital LP raised its holdings in Adobe by 2.3% in the 4th quarter. Sepio Capital LP now owns 993 shares of the software company's stock valued at $442,000 after acquiring an additional 22 shares in the last quarter. Cadence Bank raised its holdings in Adobe by 0.5% in the 4th quarter. Cadence Bank now owns 4,883 shares of the software company's stock valued at $2,171,000 after acquiring an additional 22 shares in the last quarter. Eagle Strategies LLC raised its holdings in Adobe by 1.5% in the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock valued at $651,000 after acquiring an additional 22 shares in the last quarter. RB Capital Management LLC raised its holdings in Adobe by 0.4% in the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock valued at $2,198,000 after acquiring an additional 22 shares in the last quarter. Finally, Orin Green Financial LLC raised its holdings in Adobe by 3.8% in the 4th quarter. Orin Green Financial LLC now owns 621 shares of the software company's stock valued at $276,000 after acquiring an additional 23 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

Adobe Trading Down 1.2%

Shares of ADBE stock opened at $378.04 on Friday. The stock has a market cap of $161.12 billion, a price-to-earnings ratio of 24.19, a PEG ratio of 1.79 and a beta of 1.55. The stock has a 50-day moving average of $389.19 and a 200-day moving average of $418.14. The company has a current ratio of 0.99, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75.

Analyst Ratings Changes

ADBE has been the subject of several recent analyst reports. Mizuho dropped their price objective on Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. Phillip Securities upgraded Adobe from a "moderate sell" rating to a "strong-buy" rating in a research report on Monday. JPMorgan Chase & Co. dropped their price objective on Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Evercore ISI restated an "outperform" rating and set a $475.00 price objective on shares of Adobe in a research report on Friday, June 13th. Finally, UBS Group upped their price objective on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research report on Monday, June 9th. Nine analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $494.67.

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.

Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc. (NASDAQ:ADBE - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.