Adobe Inc. (NASDAQ:ADBE) Shares Sold by Ethic Inc.

Ethic Inc. lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 5.6% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 43,199 shares of the software company’s stock after selling 2,576 shares during the quarter. Ethic Inc.’s holdings in Adobe were worth $16,554,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Garde Capital Inc. acquired a new position in shares of Adobe during the first quarter worth about $34,000. PFG Advisors boosted its holdings in Adobe by 20.8% in the first quarter. PFG Advisors now owns 4,964 shares of the software company’s stock valued at $1,904,000 after purchasing an additional 855 shares during the last quarter. Krane Funds Advisors LLC boosted its holdings in Adobe by 110.4% in the first quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company’s stock valued at $533,000 after purchasing an additional 730 shares during the last quarter. Burling Wealth Partners LLC purchased a new position in Adobe in the fourth quarter valued at about $1,173,000. Finally, Financial Counselors Inc. boosted its holdings in Adobe by 9.2% in the first quarter. Financial Counselors Inc. now owns 62,851 shares of the software company’s stock valued at $24,105,000 after purchasing an additional 5,298 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of NASDAQ ADBE opened at $348.58 on Friday. The stock has a fifty day moving average price of $373.08 and a two-hundred day moving average price of $393.45. 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 firm has a market cap of $147.87 billion, a P/E ratio of 22.30, a PEG ratio of 1.66 and a beta of 1.51. Adobe Inc. has a 1 year low of $330.04 and a 1 year high of $587.75.

Adobe (NASDAQ:ADBE) 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. The firm had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the company posted $4.48 EPS. Research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Evercore ISI reissued an “outperform” rating and issued a $475.00 price target on shares of Adobe in a report on Friday, June 13th. 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. Melius Research upgraded Adobe to a “strong sell” rating in a research note on Monday. Citigroup cut their price objective on Adobe from $465.00 to $450.00 and set a “neutral” rating on the stock in a research note on Monday, June 16th. Finally, Bank of America upped their price objective on Adobe from $424.00 to $475.00 and gave the company a “buy” rating in a research note on Friday, June 13th. Four equities 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 stock. Based on data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $467.58.

About Adobe

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.