Montrusco Bolton Investments Inc. Reduces Position in Adobe Inc. (NASDAQ:ADBE)

Montrusco Bolton Investments Inc. cut its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 50.5% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 331,030 shares of the software company's stock after selling 337,468 shares during the period. Adobe comprises approximately 1.6% of Montrusco Bolton Investments Inc.'s portfolio, making the stock its 22nd largest position. Montrusco Bolton Investments Inc. owned about 0.08% of Adobe worth $123,839,000 as of its most recent filing with the SEC.

Other institutional investors have also added to or reduced their stakes in the company. Copia Wealth Management purchased a new stake in Adobe during the fourth quarter valued at about $28,000. SWAN Capital LLC bought a new position in shares of Adobe during the fourth quarter valued at about $28,000. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Adobe during the first quarter valued at about $26,000. Summit Securities Group LLC bought a new position in shares of Adobe during the fourth quarter valued at about $31,000. Finally, Bernard Wealth Management Corp. bought a new position in shares of Adobe during the fourth quarter valued at about $36,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Down 0.2%

Shares of ADBE traded down $0.66 on Friday, hitting $365.79. 2,445,698 shares of the stock traded hands, compared to its average volume of 3,468,843. The company has a market capitalization of $155.17 billion, a PE ratio of 23.40, a P/E/G ratio of 1.72 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The business has a 50 day simple moving average of $394.55 and a 200 day simple moving average of $403.55. 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 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. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same quarter last year, the firm earned $4.48 earnings per share. The firm's quarterly revenue was up 10.6% compared to the same quarter last year. As a group, equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ADBE. Rothschild & Co Redburn downgraded shares of Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price objective for the company. in a research note on Wednesday, July 2nd. Stifel Nicolaus lowered their price objective on shares of Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a research note on Friday, June 13th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $480.00 price objective on shares of Adobe in a research note on Thursday, June 5th. Morgan Stanley lowered their price objective on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Finally, Redburn Atlantic downgraded shares of Adobe from a "hold" rating to a "strong sell" rating and decreased their price target for the stock from $420.00 to $280.00 in a research note on Wednesday, July 2nd. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Adobe presently has an average rating of "Moderate Buy" and an average target price of $473.88.

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.