Morse Asset Management Inc cut its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 90.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 657 shares of the software company's stock after selling 6,104 shares during the quarter. Morse Asset Management Inc's holdings in Adobe were worth $252,000 at the end of the most recent quarter.
A number of other institutional investors have also added to or reduced their stakes in ADBE. Geode Capital Management LLC lifted its stake in Adobe by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock worth $4,739,788,000 after purchasing an additional 151,286 shares during the period. Bank of New York Mellon Corp lifted its stake in Adobe by 14.4% during the first quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock worth $2,504,685,000 after purchasing an additional 821,293 shares during the period. Norges Bank bought a new position in Adobe during the fourth quarter worth about $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Adobe by 12.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock worth $2,375,345,000 after purchasing an additional 600,146 shares during the period. Finally, Northern Trust Corp lifted its stake in Adobe by 14.5% during the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock worth $2,363,125,000 after purchasing an additional 672,919 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.
Adobe Price Performance
Shares of NASDAQ ADBE opened at $365.79 on Friday. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The firm has a fifty day simple moving average of $394.20 and a 200 day simple moving average of $402.72. The company has a market capitalization of $155.17 billion, a PE ratio of 23.40, a P/E/G ratio of 1.73 and a beta of 1.51. 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 posted its earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping the consensus estimate of $4.97 by $0.09. The company had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The firm's revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the previous year, the firm posted $4.48 earnings per share. On average, sell-side analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.
Wall Street Analyst Weigh In
ADBE has been the subject of a number of research analyst reports. Rothschild & Co Redburn cut shares of Adobe from a "neutral" rating to a "sell" rating and set a $280.00 target price for the company. in a research note on Wednesday, July 2nd. Jefferies Financial Group cut their target price on shares of Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Bank of America lifted their target price on shares of Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a research note on Friday, June 13th. DA Davidson reiterated a "buy" rating and issued a $500.00 target price on shares of Adobe in a research note on Friday, June 20th. Finally, JMP Securities reiterated a "market perform" rating on shares of Adobe in a research note on Monday, June 23rd. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $473.88.
Check Out Our Latest Stock Analysis on Adobe
About Adobe
(
Free Report)
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.
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