Greenleaf Trust Buys 4,456 Shares of Adobe Inc. (NASDAQ:ADBE)

Greenleaf Trust grew its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 10.3% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 47,912 shares of the software company's stock after purchasing an additional 4,456 shares during the period. Greenleaf Trust's holdings in Adobe were worth $18,376,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Brighton Jones LLC lifted its position in Adobe by 2.1% during the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock valued at $3,588,000 after purchasing an additional 167 shares during the last quarter. Bank Pictet & Cie Europe AG lifted its position in Adobe by 2.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock valued at $12,882,000 after purchasing an additional 756 shares during the last quarter. GHE LLC lifted its position in Adobe by 2.9% during the fourth quarter. GHE LLC now owns 23,577 shares of the software company's stock valued at $10,484,000 after purchasing an additional 670 shares during the last quarter. Proficio Capital Partners LLC increased its stake in Adobe by 85.8% in the fourth quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company's stock valued at $1,043,000 after acquiring an additional 1,083 shares during the last quarter. Finally, Independent Advisor Alliance increased its stake in Adobe by 42.6% in the fourth quarter. Independent Advisor Alliance now owns 26,661 shares of the software company's stock valued at $11,855,000 after acquiring an additional 7,963 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Price Performance

Shares of Adobe stock traded down $1.06 on Thursday, hitting $372.32. 1,663,713 shares of the company traded hands, compared to its average volume of 3,439,601. The business has a 50-day simple moving average of $396.44 and a 200 day simple moving average of $406.94. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The stock has a market capitalization of $157.94 billion, a P/E ratio of 23.80, a price-to-earnings-growth ratio of 1.81 and a beta of 1.51. 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 issued 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. The company had revenue of $5.87 billion during 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 revenue was up 10.6% on a year-over-year basis. During the same period last year, the company earned $4.48 earnings per share. Research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Redburn Atlantic lowered shares of Adobe from a "hold" rating to a "strong sell" rating and reduced their target price for the company from $420.00 to $280.00 in a report on Wednesday, July 2nd. Jefferies Financial Group cut their target price on shares of Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Rothschild & Co Redburn lowered Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price target for the company. in a research report on Wednesday, July 2nd. Citigroup lowered their price target on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a research report on Monday, June 16th. Finally, Phillip Securities raised Adobe from a "moderate sell" rating to a "strong-buy" rating in a research report on Monday, June 16th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $480.08.

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.