Kimelman & Baird LLC Sells 20,801 Shares of Adobe Inc. (NASDAQ:ADBE)

Key Points

• Kimelman & Baird LLC significantly reduced its stake in Adobe Inc. by 96.8%, owning only 687 shares after selling 20,801 shares, valued at $263,000 at the end of the quarter.
• Adobe reported $5.06 earnings per share, surpassing estimates of $4.97, with revenue of $5.87 billion, indicating a 10.6% year-over-year increase.
• Adobe's stock has a current market capitalization of $147.87 billion and analysts have a consensus rating of "Moderate Buy" with an average target price of $467.58.

Kimelman & Baird LLC decreased its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 96.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 687 shares of the software company's stock after selling 20,801 shares during the period. Kimelman & Baird LLC's holdings in Adobe were worth $263,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Vanguard Group Inc. increased its holdings in shares of Adobe by 0.4% in the 1st quarter. Vanguard Group Inc. now owns 41,143,835 shares of the software company's stock valued at $15,779,895,000 after purchasing an additional 171,547 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Adobe by 14.4% in the first quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock worth $2,504,685,000 after acquiring an additional 821,293 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in 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 raised its holdings in 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, Goldman Sachs Group Inc. raised its stake in shares of Adobe by 68.3% during the first quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company's stock valued at $1,754,954,000 after purchasing an additional 1,856,544 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Price Performance

Adobe stock traded up $6.27 during mid-day trading on Friday, hitting $354.85. 3,716,829 shares of the company were exchanged, compared to its average volume of 3,584,382. Adobe Inc. has a 1-year low of $330.04 and a 1-year high of $587.75. The company has a market capitalization of $150.53 billion, a PE ratio of 22.70, a price-to-earnings-growth ratio of 1.68 and a beta of 1.51. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The business has a fifty day moving average of $371.84 and a 200 day moving average of $392.50.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. During the same period last year, the company earned $4.48 earnings per share. The company's revenue was up 10.6% on a year-over-year basis. As a group, sell-side analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the stock. Bank of America lifted their price target on shares of Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a research note on Friday, June 13th. Wells Fargo & Company reiterated an "overweight" rating and issued a $470.00 price target (up from $430.00) on shares of Adobe in a research report on Friday, June 13th. Redburn Atlantic downgraded Adobe from a "hold" rating to a "strong sell" rating and cut their price objective for the stock from $420.00 to $280.00 in a report on Wednesday, July 2nd. Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Finally, BMO Capital Markets reaffirmed an "outperform" rating and set a $450.00 target price on shares of Adobe in a research report on Friday, June 13th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $467.58.

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.