Adobe Inc. (NASDAQ:ADBE) Shares Sold by Verdence Capital Advisors LLC

Verdence Capital Advisors LLC decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 17.3% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 4,029 shares of the software company's stock after selling 841 shares during the period. Verdence Capital Advisors LLC's holdings in Adobe were worth $1,545,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Geode Capital Management LLC raised its position in Adobe by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock valued at $4,739,788,000 after purchasing an additional 151,286 shares in the last quarter. Bank of New York Mellon Corp raised its position in Adobe by 14.4% during the first quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock valued at $2,504,685,000 after purchasing an additional 821,293 shares in the last quarter. Norges Bank purchased a new stake in Adobe during the fourth quarter valued at about $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in 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 raised its position in 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. Institutional investors own 81.79% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ADBE. DA Davidson reiterated a "buy" rating and issued a $500.00 price objective on shares of Adobe in a report on Friday, June 20th. Wells Fargo & Company restated an "overweight" rating and set a $470.00 price target (up previously from $430.00) on shares of Adobe in a report on Friday, June 13th. Royal Bank Of Canada restated an "outperform" rating and set a $480.00 price target on shares of Adobe in a report on Thursday, June 5th. Citigroup reduced their price target on Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a report on Monday, June 16th. Finally, Stifel Nicolaus cut their price objective on Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a research report on Friday, June 13th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $473.88.

Adobe Price Performance

Shares of ADBE traded down $0.66 during midday trading on Friday, hitting $365.79. 2,445,698 shares of the company traded hands, compared to its average volume of 3,473,987. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The firm has a 50 day moving average of $394.20 and a 200-day moving average of $403.01. The stock has a market cap of $155.17 billion, a price-to-earnings ratio of 23.40, a PEG ratio of 1.74 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The firm's quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the firm earned $4.48 earnings per share. On average, analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal 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.