Harbour Capital Advisors LLC cut its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 21.2% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,782 shares of the software company's stock after selling 1,015 shares during the period. Harbour Capital Advisors LLC's holdings in Adobe were worth $1,389,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. Sepio Capital LP raised its stake in shares of Adobe by 2.3% during the 4th quarter. Sepio Capital LP now owns 993 shares of the software company's stock worth $442,000 after buying an additional 22 shares during the period. Cadence Bank increased its holdings in Adobe by 0.5% in the 4th quarter. Cadence Bank now owns 4,883 shares of the software company's stock worth $2,171,000 after acquiring an additional 22 shares in the last quarter. Eagle Strategies LLC raised its position in Adobe by 1.5% during the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock worth $651,000 after acquiring an additional 22 shares during the period. RB Capital Management LLC lifted its holdings in Adobe by 0.4% during the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock valued at $2,198,000 after purchasing an additional 22 shares in the last quarter. Finally, Orin Green Financial LLC grew its position in shares of Adobe by 3.8% in the fourth quarter. Orin Green Financial LLC now owns 621 shares of the software company's stock valued at $276,000 after purchasing an additional 23 shares during the period. Institutional investors own 81.79% of the company's stock.
Adobe Trading Up 1.4%
Shares of ADBE stock traded up $5.21 on Wednesday, hitting $387.55. The stock had a trading volume of 3,715,639 shares, compared to its average volume of 3,402,790. The firm has a market capitalization of $165.17 billion, a P/E ratio of 24.80, a P/E/G ratio of 1.80 and a beta of 1.55. The company's 50 day moving average price is $390.90 and its 200-day moving average price is $414.07. 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 current ratio of 0.99 and a quick ratio of 1.18.
Adobe (NASDAQ:ADBE - Get Free Report) last announced 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 for the quarter was up 10.6% on a year-over-year basis. During the same period in the previous year, the business earned $4.48 EPS. Analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.
Analyst Ratings Changes
A number of research analysts recently weighed in on ADBE shares. Jefferies Financial Group decreased their price target on shares of Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. Phillip Securities raised Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday, June 16th. UBS Group lifted their price target on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research note on Monday, June 9th. Bank of America increased 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. Finally, BMO Capital Markets reaffirmed an "outperform" rating and set a $450.00 target price on shares of Adobe in a research note on Friday, June 13th. Nine analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, Adobe currently has an average rating of "Moderate Buy" and a consensus target price of $496.75.
View Our Latest Report on ADBE
Adobe Profile
(
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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