Invesco LLC Sells 1,734 Shares of Adobe Inc. (NASDAQ:ADBE)

Invesco LLC lessened its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 62.7% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,031 shares of the software company's stock after selling 1,734 shares during the period. Invesco LLC's holdings in Adobe were worth $395,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in ADBE. Norges Bank bought a new stake in shares of Adobe in the 4th quarter worth approximately $2,553,035,000. GAMMA Investing LLC lifted its stake in Adobe by 46,806.6% in 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 last quarter. Proficio Capital Partners LLC boosted its position in Adobe by 82,528.8% during the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company's stock valued at $463,701,000 after buying an additional 1,041,513 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in Adobe by 82.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock valued at $937,291,000 after buying an additional 952,233 shares during the period. Finally, Two Sigma Advisers LP grew its stake 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 buying an additional 830,300 shares during the last quarter. Institutional investors own 81.79% of the company's stock.

Adobe Stock Up 1.4%

ADBE traded up $5.21 during trading on Wednesday, reaching $387.55. The stock had a trading volume of 3,715,639 shares, compared to its average volume of 3,402,790. The company has a current ratio of 0.99, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $165.17 billion, a price-to-earnings ratio of 24.80, a P/E/G ratio of 1.80 and a beta of 1.55. The stock's 50 day moving average is $390.90 and its two-hundred day moving average is $414.07. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75.

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, beating analysts' consensus estimates of $4.97 by $0.09. The company had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. Adobe's revenue was up 10.6% on a year-over-year basis. During the same period last year, the company posted $4.48 EPS. As a group, analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on ADBE shares. UBS Group increased their target price on Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a report on Monday, June 9th. Robert W. Baird increased their price objective on Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research note on Monday, June 16th. Citigroup cut their target price on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a report on Monday, June 16th. BMO Capital Markets reiterated an "outperform" rating and set a $450.00 price target on shares of Adobe in a report on Friday, June 13th. Finally, Royal Bank Of Canada reissued an "outperform" rating and set a $480.00 price target on shares of Adobe in a research report on Thursday, June 5th. 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 company. According to data from MarketBeat.com, Adobe has a consensus rating of "Moderate Buy" and an average price target of $496.75.

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.