Moody Lynn & Lieberson LLC Reduces Stake in Adobe Inc. (NASDAQ:ADBE)

Moody Lynn & Lieberson LLC reduced its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 54.6% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,497 shares of the software company's stock after selling 3,007 shares during the quarter. Moody Lynn & Lieberson LLC's holdings in Adobe were worth $958,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. Aaron Wealth Advisors LLC lifted its holdings in shares of Adobe by 23.0% in the 1st quarter. Aaron Wealth Advisors LLC now owns 2,832 shares of the software company's stock valued at $1,086,000 after purchasing an additional 529 shares during the last quarter. FSM Wealth Advisors LLC lifted its holdings in shares of Adobe by 4.8% in the 1st quarter. FSM Wealth Advisors LLC now owns 2,614 shares of the software company's stock valued at $1,003,000 after purchasing an additional 120 shares during the last quarter. Wilson Asset Management International PTY Ltd. lifted its holdings in shares of Adobe by 7.7% in the 1st quarter. Wilson Asset Management International PTY Ltd. now owns 39,992 shares of the software company's stock valued at $15,338,000 after purchasing an additional 2,867 shares during the last quarter. Klingenstein Fields & Co. LP lifted its holdings in shares of Adobe by 3.4% in the 1st quarter. Klingenstein Fields & Co. LP now owns 26,260 shares of the software company's stock valued at $10,071,000 after purchasing an additional 859 shares during the last quarter. Finally, Harbour Trust & Investment Management Co lifted its holdings in shares of Adobe by 3.4% in the 1st quarter. Harbour Trust & Investment Management Co now owns 21,672 shares of the software company's stock valued at $8,312,000 after purchasing an additional 720 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts have recently weighed in on ADBE shares. Mizuho reduced their target price on Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a report on Friday, June 13th. Stifel Nicolaus reduced their price objective on Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a research note on Friday, June 13th. Evercore ISI reaffirmed an "outperform" rating and set a $475.00 price objective on shares of Adobe in a research note on Friday, June 13th. Robert W. Baird upped their price objective on Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research note on Monday, June 16th. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a research note on Monday, June 23rd. Two analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $480.08.

Adobe Price Performance

NASDAQ ADBE traded up $1.09 during mid-day trading on Friday, hitting $379.56. The stock had a trading volume of 2,863,680 shares, compared to its average volume of 3,430,343. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The company has a market cap of $161.01 billion, a price-to-earnings ratio of 24.28, a P/E/G ratio of 1.79 and a beta of 1.51. The company has a 50 day simple moving average of $395.85 and a 200 day simple moving average of $408.79. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data 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 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 the consensus estimate of $5.80 billion. During the same period last year, the business posted $4.48 EPS. Adobe's quarterly revenue was up 10.6% on a year-over-year basis. Equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.