Trillium Asset Management LLC Cuts Position in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Trillium Asset Management LLC has significantly reduced its holdings in Adobe Inc. by 49.5%, ending the first quarter with 58,488 shares valued at approximately $22.4 million.
• Recent analyst ratings show a mixed sentiment, with three analysts
• Adobe reported a 10.6% year-over-year increase in quarterly revenue, reaching $5.87 billion, and exceeded earnings expectations by posting $5.06 earnings per share.

Trillium Asset Management LLC lessened its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 49.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 58,488 shares of the software company's stock after selling 57,429 shares during the period. Trillium Asset Management LLC's holdings in Adobe were worth $22,432,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Dillon & Associates Inc. increased its position in Adobe by 5.5% during the 1st quarter. Dillon & Associates Inc. now owns 4,189 shares of the software company's stock valued at $1,609,000 after purchasing an additional 218 shares during the period. Public Sector Pension Investment Board increased its position in Adobe by 44.1% during the 1st quarter. Public Sector Pension Investment Board now owns 107,483 shares of the software company's stock valued at $41,223,000 after purchasing an additional 32,895 shares during the period. Eagle Global Advisors LLC increased its position in Adobe by 8.8% during the 1st quarter. Eagle Global Advisors LLC now owns 16,004 shares of the software company's stock valued at $6,138,000 after purchasing an additional 1,296 shares during the period. AIA Group Ltd increased its position in Adobe by 17.5% during the 1st quarter. AIA Group Ltd now owns 2,439 shares of the software company's stock valued at $935,000 after purchasing an additional 363 shares during the period. Finally, WP Advisors LLC increased its position in Adobe by 11.2% during the 1st quarter. WP Advisors LLC now owns 2,540 shares of the software company's stock valued at $974,000 after purchasing an additional 255 shares during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Trading Up 3.7%

NASDAQ ADBE traded up $12.64 during trading hours on Wednesday, reaching $351.07. The company had a trading volume of 4,371,225 shares, compared to its average volume of 3,525,012. The stock has a 50-day moving average of $375.67 and a 200 day moving average of $394.37. Adobe Inc. has a 1-year low of $330.04 and a 1-year high of $587.75. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The stock has a market capitalization of $148.92 billion, a P/E ratio of 22.46, a price-to-earnings-growth ratio of 1.60 and a beta of 1.51.

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, topping the consensus estimate of $4.97 by $0.09. The business had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business's quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $4.48 earnings per share. As a group, research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of analyst reports. Piper Sandler cut their price objective on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. JMP Securities restated a "market perform" rating on shares of Adobe in a research note on Monday, June 23rd. BMO Capital Markets restated an "outperform" rating and set a $450.00 price objective on shares of Adobe in a research note on Friday, June 13th. Redburn Atlantic cut shares of Adobe from a "hold" rating to a "strong sell" rating and decreased their target price for the company from $420.00 to $280.00 in a research note on Wednesday, July 2nd. Finally, Morgan Stanley decreased their target price on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $467.58.

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.