HM Payson & Co. Sells 52,463 Shares of Adobe Inc. (NASDAQ:ADBE)

HM Payson & Co. lowered its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 88.8% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,597 shares of the software company's stock after selling 52,463 shares during the quarter. HM Payson & Co.'s holdings in Adobe were worth $2,530,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of the company. Norges Bank bought a new position in shares of Adobe in the fourth quarter valued at $2,553,035,000. GAMMA Investing LLC raised its position in shares of Adobe by 46,806.6% during the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock worth $1,147,049,000 after purchasing an additional 2,984,391 shares during the period. Arrowstreet Capital Limited Partnership raised its position in shares of Adobe by 82.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock worth $937,291,000 after purchasing an additional 952,233 shares during the period. Two Sigma Advisers LP lifted its holdings in shares of Adobe by 1,414.5% during the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock valued at $395,321,000 after purchasing an additional 830,300 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Adobe in the 4th quarter valued at $365,750,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Up 0.3%

Shares of ADBE stock traded up $1.09 on Friday, hitting $379.56. The company's stock had a trading volume of 2,863,680 shares, compared to its average volume of 3,432,840. The stock has a market capitalization of $161.01 billion, a price-to-earnings ratio of 24.28, a P/E/G ratio of 1.80 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 firm's fifty day moving average price is $396.09 and its 200-day moving average price is $408.04. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its 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. The company had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The business's revenue was up 10.6% compared to the same quarter last year. During the same period last year, the company earned $4.48 earnings per share. Research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on ADBE shares. Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Wells Fargo & Company restated an "overweight" rating and set a $470.00 price target (up previously from $430.00) on shares of Adobe in a report on Friday, June 13th. Summit Redstone set a $410.00 price objective on shares of Adobe in a research note on Wednesday, March 19th. Phillip Securities upgraded shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a research report on Monday, June 16th. Finally, Rothschild & Co Redburn downgraded shares of Adobe from a "neutral" rating to a "sell" rating and set a $280.00 target price on the stock. in a research note on Wednesday. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe has an average rating of "Moderate Buy" and a consensus target price of $480.08.

Adobe 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.