Scotia Capital Inc. Has $65.72 Million Position in Adobe Inc. (NASDAQ:ADBE)

Scotia Capital Inc. lowered its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 13.5% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 171,348 shares of the software company's stock after selling 26,758 shares during the period. Scotia Capital Inc.'s holdings in Adobe were worth $65,718,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Brighton Jones LLC boosted its stake in Adobe by 2.1% in the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock valued at $3,588,000 after acquiring an additional 167 shares during the last quarter. Bank Pictet & Cie Europe AG increased its position in shares of Adobe by 2.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock valued at $12,882,000 after buying an additional 756 shares in the last quarter. PAX Financial Group LLC lifted its holdings in Adobe by 67.0% during the fourth quarter. PAX Financial Group LLC now owns 1,533 shares of the software company's stock worth $682,000 after acquiring an additional 615 shares in the last quarter. Pioneer Trust Bank N A OR grew its stake in Adobe by 13.0% in the fourth quarter. Pioneer Trust Bank N A OR now owns 13,444 shares of the software company's stock valued at $5,978,000 after acquiring an additional 1,550 shares during the period. Finally, Riverwater Partners LLC increased its holdings in shares of Adobe by 31.5% in the fourth quarter. Riverwater Partners LLC now owns 831 shares of the software company's stock worth $370,000 after acquiring an additional 199 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. UBS Group boosted their price objective on Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a research report on Monday, June 9th. DA Davidson reiterated a "buy" rating and issued a $500.00 price target on shares of Adobe in a report on Friday, June 20th. Morgan Stanley reduced their price target on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. Stifel Nicolaus reduced their target price on shares of Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a research note on Friday, June 13th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and set a $480.00 target price on shares of Adobe in a report on Thursday, June 5th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $473.88.

Adobe Trading Down 2.8%

Adobe stock opened at $347.80 on Friday. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a market capitalization of $147.54 billion, a P/E ratio of 22.25, a PEG ratio of 1.65 and a beta of 1.52. The stock has a 50-day simple moving average of $385.72 and a 200 day simple moving average of $398.94.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 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 earned $4.48 EPS. Adobe's quarterly revenue was up 10.6% on a year-over-year basis. Analysts expect 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.

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