SBI Securities Co. Ltd. Reduces Position in Adobe Inc. (NASDAQ:ADBE)

SBI Securities Co. Ltd. trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 41.1% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,745 shares of the software company's stock after selling 5,394 shares during the quarter. SBI Securities Co. Ltd.'s holdings in Adobe were worth $2,970,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC increased its stake in Adobe by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock worth $4,739,788,000 after buying an additional 151,286 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Adobe by 14.4% in the 1st 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 buying an additional 821,293 shares in the last quarter. Norges Bank purchased a new position in shares of Adobe during the fourth quarter valued at about $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of 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 valued at $2,375,345,000 after purchasing an additional 600,146 shares in the last quarter. Finally, Northern Trust Corp grew its position in shares of Adobe by 14.5% during the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock valued at $2,363,125,000 after purchasing an additional 672,919 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on ADBE. BMO Capital Markets restated an "outperform" rating and set a $450.00 price objective on shares of Adobe in a research report on Friday, June 13th. Redburn Atlantic downgraded shares of Adobe from a "hold" rating to a "strong sell" rating and lowered their price target for the company from $420.00 to $280.00 in a report on Wednesday, July 2nd. Phillip Securities raised shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday, June 16th. Citigroup lowered their price target on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a report on Monday, June 16th. Finally, Evercore ISI reaffirmed an "outperform" rating and issued a $475.00 price target on shares of Adobe in a report on Friday, June 13th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Adobe presently has a consensus rating of "Moderate Buy" and an average price target of $473.88.

Adobe Stock Up 1.3%

Shares of Adobe stock traded up $4.68 during trading on Thursday, reaching $366.45. The company's stock had a trading volume of 3,338,919 shares, compared to its average volume of 3,468,277. 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 company has a market cap of $155.45 billion, a price-to-earnings ratio of 23.45, a P/E/G ratio of 1.73 and a beta of 1.51. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The company has a 50-day simple moving average of $394.90 and a two-hundred day simple moving average of $404.10.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share 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 analysts' expectations of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The business's quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the firm earned $4.48 EPS. As a group, equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Adobe Company 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.