Meritage Portfolio Management Cuts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Meritage Portfolio Management decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 2.5% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 27,430 shares of the software company's stock after selling 711 shares during the quarter. Meritage Portfolio Management's holdings in Adobe were worth $10,520,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of ADBE. Brighton Jones LLC raised its stake in Adobe by 2.1% during the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock valued at $3,588,000 after purchasing an additional 167 shares in the last quarter. Bank Pictet & Cie Europe AG increased its stake in Adobe by 2.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock worth $12,882,000 after buying an additional 756 shares during the period. GHE LLC increased its stake in Adobe by 2.9% in the 4th quarter. GHE LLC now owns 23,577 shares of the software company's stock worth $10,484,000 after buying an additional 670 shares during the period. Steward Partners Investment Advisory LLC grew its holdings in Adobe by 1.9% during the 4th quarter. Steward Partners Investment Advisory LLC now owns 33,372 shares of the software company's stock worth $14,840,000 after acquiring an additional 608 shares in the last quarter. Finally, Victory Capital Management Inc. grew its holdings in Adobe by 12.4% during the 4th quarter. Victory Capital Management Inc. now owns 522,917 shares of the software company's stock worth $232,531,000 after acquiring an additional 57,634 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Royal Bank Of Canada reiterated an "outperform" rating and set a $480.00 target price on shares of Adobe in a report on Thursday, June 5th. Piper Sandler lowered their price target on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Oppenheimer lowered their price target on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. Mizuho lowered their price target on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. Finally, Morgan Stanley lowered their price target on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Two research 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 stock. According to MarketBeat.com, Adobe currently has an average rating of "Moderate Buy" and an average price target of $480.08.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded up $1.09 during trading on Friday, hitting $379.56. 2,863,680 shares of the stock traded hands, compared to its average volume of 3,430,343. 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 company has a market cap 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. The company has a fifty day moving average price of $396.09 and a two-hundred day moving average price of $408.27. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75.

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 firm 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 quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the firm earned $4.48 EPS. As a group, equities analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

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.