Family Capital Trust Co reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 2.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 201,203 shares of the software company's stock after selling 4,444 shares during the quarter. Adobe comprises about 27.7% of Family Capital Trust Co's investment portfolio, making the stock its largest holding. Family Capital Trust Co's holdings in Adobe were worth $77,165,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also modified their holdings of ADBE. Geode Capital Management LLC lifted its position in Adobe by 1.4% in 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 purchasing an additional 151,286 shares during the period. Norges Bank bought a new stake in shares of Adobe in the 4th quarter worth $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Adobe by 12.7% in 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 valued at $2,375,345,000 after buying an additional 600,146 shares during the period. Northern Trust Corp lifted its holdings in shares of Adobe by 14.5% in the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock valued at $2,363,125,000 after buying an additional 672,919 shares during the period. Finally, Edgewood Management LLC boosted its stake in Adobe by 20.7% during the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock valued at $1,805,009,000 after buying an additional 696,172 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several brokerages have commented on ADBE. Mizuho dropped their price target on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a research report on Friday, June 13th. KeyCorp raised shares of Adobe from an "underweight" rating to a "sector weight" rating in a research note on Friday, March 21st. Bank of America increased their target price on shares of Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a research note on Friday, June 13th. Wall Street Zen upgraded shares of Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Finally, Royal Bank Of Canada restated an "outperform" rating and issued a $480.00 price target on shares of Adobe in a research report on Thursday, June 5th. 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. Based on data from MarketBeat, Adobe has a consensus rating of "Moderate Buy" and a consensus price target of $480.08.
Check Out Our Latest Report on Adobe
Adobe Stock Up 0.3%
NASDAQ:ADBE traded up $1.09 on Friday, hitting $379.56. 2,863,680 shares of the company's stock traded hands, compared to its average volume of 3,430,343. 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 Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The firm has a 50-day moving average price of $396.09 and a 200-day moving average price of $408.27. The company has a market cap of $161.01 billion, a PE ratio of 24.28, a price-to-earnings-growth ratio of 1.80 and a beta of 1.51.
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 (EPS) for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. During the same period in the prior year, the firm earned $4.48 earnings per share. The firm's revenue was up 10.6% compared to the same quarter last year. Equities analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.
About Adobe
(
Free Report)
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.
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