EULAV Asset Management Has $25.85 Million Stake in Adobe Inc. (NASDAQ:ADBE)

EULAV Asset Management lowered its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 9.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 67,401 shares of the software company's stock after selling 7,400 shares during the quarter. EULAV Asset Management's holdings in Adobe were worth $25,850,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in ADBE. Geode Capital Management LLC lifted its position in Adobe by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock worth $4,739,788,000 after buying an additional 151,286 shares during the period. Bank of New York Mellon Corp lifted its position in Adobe by 14.4% during the first quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock worth $2,504,685,000 after buying an additional 821,293 shares during the period. Norges Bank purchased a new position in Adobe during the fourth quarter worth about $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Adobe by 12.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock worth $2,375,345,000 after buying an additional 600,146 shares during the period. Finally, Northern Trust Corp lifted its position in Adobe by 14.5% during the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock worth $2,363,125,000 after buying an additional 672,919 shares during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Trading Up 1.4%

Shares of Adobe stock traded up $5.31 on Tuesday, reaching $382.24. 3,707,186 shares of the company were exchanged, compared to its average volume of 3,436,092. The firm has a market capitalization of $162.15 billion, a price-to-earnings ratio of 24.46, a price-to-earnings-growth ratio of 1.79 and a beta of 1.51. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two 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 fifty day moving average price of $396.25 and a 200-day moving average price of $407.34.

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

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. UBS Group lifted their price objective on Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a research note on Monday, June 9th. Summit Redstone set a $410.00 price objective on Adobe in a research note on Wednesday, March 19th. Redburn Atlantic lowered Adobe from a "hold" rating to a "strong sell" rating and reduced their price objective for the company from $420.00 to $280.00 in a research note on Wednesday, July 2nd. BMO Capital Markets reaffirmed an "outperform" rating and issued a $450.00 price objective on shares of Adobe in a research note on Friday, June 13th. Finally, Bank of America lifted 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 investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Adobe presently has a consensus rating of "Moderate Buy" and a consensus target price of $480.08.

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.