Adobe Inc. (NASDAQ:ADBE) Shares Sold by Leavell Investment Management Inc.

Leavell Investment Management Inc. reduced its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 19.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,600 shares of the software company's stock after selling 3,026 shares during the period. Leavell Investment Management Inc.'s holdings in Adobe were worth $4,832,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of ADBE. Norges Bank acquired a new stake in shares of Adobe during the 4th quarter worth about $2,553,035,000. GAMMA Investing LLC boosted its stake in shares of Adobe by 46,806.6% during the 1st 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. Arrowstreet Capital Limited Partnership boosted its stake in shares of Adobe by 82.4% during the 4th 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 last quarter. Two Sigma Advisers LP boosted its stake in shares of Adobe by 1,414.5% during the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock worth $395,321,000 after purchasing an additional 830,300 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Adobe in the fourth quarter worth approximately $365,750,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Down 0.5%

Shares of NASDAQ:ADBE traded down $1.95 during midday trading on Thursday, reaching $371.43. The company had a trading volume of 4,019,776 shares, compared to its average volume of 3,452,958. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The stock's fifty day moving average price is $396.44 and its 200-day moving average price is $406.94. The stock has a market capitalization of $157.56 billion, a P/E ratio of 23.76, a PEG ratio of 1.81 and a beta of 1.51. 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, topping analysts' consensus estimates of $4.97 by $0.09. The business had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business's revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $4.48 earnings per share. Equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the stock. Wall Street Zen raised shares of Adobe from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Mizuho decreased their target price on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a research report on Friday, June 13th. Oppenheimer decreased their target price on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research report on Friday, June 13th. Summit Redstone set a $410.00 target price on shares of Adobe in a research report on Wednesday, March 19th. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and set a $470.00 price target (up from $430.00) on shares of Adobe in a research report on Friday, June 13th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Adobe presently has a consensus rating of "Moderate Buy" and an average target price of $480.08.

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.