Los Angeles Capital Management LLC Trims Stock Position in Adobe Inc. (NASDAQ:ADBE)

Los Angeles Capital Management LLC lessened its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 55.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 67,304 shares of the software company's stock after selling 83,299 shares during the period. Los Angeles Capital Management LLC's holdings in Adobe were worth $25,813,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in ADBE. Sepio Capital LP boosted its position in Adobe by 2.3% during the fourth quarter. Sepio Capital LP now owns 993 shares of the software company's stock worth $442,000 after acquiring an additional 22 shares during the last quarter. Cadence Bank raised its stake in shares of Adobe by 0.5% during the fourth quarter. Cadence Bank now owns 4,883 shares of the software company's stock valued at $2,171,000 after purchasing an additional 22 shares during the period. Eagle Strategies LLC lifted its holdings in Adobe by 1.5% in the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock valued at $651,000 after acquiring an additional 22 shares during the last quarter. RB Capital Management LLC boosted its holdings in shares of Adobe by 0.4% during the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock worth $2,198,000 after purchasing an additional 22 shares during the period. Finally, Orin Green Financial LLC grew its holdings in Adobe by 3.8% during 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 last quarter. Institutional investors own 81.79% of the company's stock.

Adobe Price Performance

ADBE traded up $5.19 on Tuesday, hitting $372.87. 2,445,587 shares of the company's stock traded hands, compared to its average volume of 3,470,562. The company's 50 day simple moving average is $394.20 and its 200-day simple moving average is $402.45. The firm has a market cap of $158.17 billion, a price-to-earnings ratio of 23.86, a P/E/G ratio of 1.73 and a beta of 1.51. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54.

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 for the quarter, beating the consensus estimate 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 return on equity of 53.68% and a net margin of 30.39%. Adobe's quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the business earned $4.48 earnings per share. As a group, research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on ADBE shares. Jefferies Financial Group dropped their price target on Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. Mizuho cut their price objective on Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a research report on Friday, June 13th. Evercore ISI reiterated an "outperform" rating and set a $475.00 price objective on shares of Adobe in a research note on Friday, June 13th. DA Davidson restated a "buy" rating and issued a $500.00 target price on shares of Adobe in a research note on Friday, June 20th. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and set a $470.00 price target (up previously from $430.00) on shares of Adobe in a research report on Friday, June 13th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $473.88.

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.