Patton Albertson Miller Group LLC Sells 3,626 Shares of Adobe Inc. (NASDAQ:ADBE)

Patton Albertson Miller Group LLC trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 27.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,718 shares of the software company's stock after selling 3,626 shares during the period. Patton Albertson Miller Group LLC's holdings in Adobe were worth $3,727,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Copia Wealth Management bought a new position in Adobe during the 4th quarter valued at about $28,000. SWAN Capital LLC purchased a new stake in Adobe in the 4th quarter valued at about $28,000. Barnes Dennig Private Wealth Management LLC purchased a new stake in Adobe in the 1st quarter valued at about $26,000. Summit Securities Group LLC purchased a new stake in Adobe in the 4th quarter valued at about $31,000. Finally, Bernard Wealth Management Corp. purchased a new stake in Adobe in the 4th quarter valued at about $36,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Trading Up 1.3%

NASDAQ ADBE opened at $366.45 on Friday. 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 firm has a market cap of $155.45 billion, a PE ratio of 23.45, a price-to-earnings-growth ratio of 1.72 and a beta of 1.51. The company has a 50 day moving average price of $394.55 and a 200 day moving average price of $403.55. 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 issued its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same quarter in the prior year, the business posted $4.48 EPS. Adobe's revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Evercore ISI reissued an "outperform" rating and issued a $475.00 price objective on shares of Adobe in a research report on Friday, June 13th. 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 report on Friday, June 13th. Jefferies Financial Group lowered their price objective on shares of Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research report on Monday, March 31st. JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a research report on Monday, June 23rd. Finally, Wall Street Zen raised shares of Adobe from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $473.88.

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.

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