Oppenheimer Asset Management Inc. Decreases Stake in Adobe Inc. (NASDAQ:ADBE)

Oppenheimer Asset Management Inc. lowered its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 17.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 83,746 shares of the software company's stock after selling 17,176 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in Adobe were worth $32,119,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Brighton Jones LLC increased its holdings in Adobe by 2.1% in the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock worth $3,588,000 after buying an additional 167 shares during the period. Union Bancaire Privee UBP SA acquired a new position in Adobe in the 4th quarter worth approximately $76,712,000. Bank Pictet & Cie Europe AG increased its holdings 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. Denver PWM LLC increased its holdings in Adobe by 71.3% in the 4th quarter. Denver PWM LLC now owns 173 shares of the software company's stock worth $77,000 after buying an additional 72 shares during the period. Finally, Cohen Capital Management Inc. increased its holdings in Adobe by 24.6% in the 4th quarter. Cohen Capital Management Inc. now owns 3,037 shares of the software company's stock worth $1,350,000 after buying an additional 600 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.

Analyst Ratings Changes

Several research firms have commented on ADBE. Phillip Securities upgraded Adobe from a "moderate sell" rating to a "strong-buy" rating in a research report on Monday, June 16th. Mizuho lowered 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. Robert W. Baird upped their price objective on Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research report on Monday, June 16th. BMO Capital Markets restated an "outperform" rating and issued a $450.00 price objective on shares of Adobe in a research report on Friday, June 13th. Finally, Bank of America upped their price objective on Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a research report on Friday, June 13th. Nine analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Adobe has a consensus rating of "Moderate Buy" and an average target price of $496.75.

Adobe Trading Up 0.6%

Shares of NASDAQ:ADBE traded up $2.22 during midday trading on Tuesday, reaching $382.34. 4,794,607 shares of the company's stock were exchanged, compared to its average volume of 3,401,527. The firm's 50 day simple moving average is $390.90 and its two-hundred day simple moving average is $414.07. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 1.18. The stock has a market cap of $162.95 billion, a price-to-earnings ratio of 24.46, a P/E/G ratio of 1.80 and a beta of 1.55. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. The firm had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company's quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the company earned $4.48 EPS. As a group, sell-side 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.