Bellevue Asset Management LLC Decreases Stock Position in Adobe Inc. (NASDAQ:ADBE)

Bellevue Asset Management LLC decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 31.4% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 1,689 shares of the software company’s stock after selling 773 shares during the period. Bellevue Asset Management LLC’s holdings in Adobe were worth $648,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Sepio Capital LP grew its stake in Adobe by 2.3% during the 4th quarter. Sepio Capital LP now owns 993 shares of the software company’s stock worth $442,000 after buying an additional 22 shares during the last quarter. Cadence Bank increased its holdings in shares of Adobe by 0.5% in the 4th quarter. Cadence Bank now owns 4,883 shares of the software company’s stock valued at $2,171,000 after acquiring an additional 22 shares during the period. Eagle Strategies LLC increased its holdings in shares of Adobe by 1.5% in the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company’s stock valued at $651,000 after acquiring an additional 22 shares during the period. RB Capital Management LLC raised its position in Adobe by 0.4% in the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company’s stock valued at $2,198,000 after purchasing an additional 22 shares during the last quarter. Finally, Orin Green Financial LLC raised its stake in Adobe by 3.8% during the 4th quarter. Orin Green Financial LLC now owns 621 shares of the software company’s stock valued at $276,000 after acquiring an additional 23 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the topic of a number of research reports. Oppenheimer lowered their price target on Adobe from $530.00 to $500.00 and set an “outperform” rating on the stock in a report on Friday, June 13th. Stifel Nicolaus dropped their price objective on shares of Adobe from $525.00 to $480.00 and set a “buy” rating on the stock in a research note on Friday, June 13th. Mizuho lowered their price objective on Adobe from $575.00 to $530.00 and set an “outperform” rating for the company in a report on Friday, June 13th. Redburn Atlantic lowered Adobe from a “hold” rating to a “strong sell” rating and reduced their price objective for the company from $420.00 to $280.00 in a research report on Wednesday. Finally, Wall Street Zen raised shares of Adobe from a “hold” rating to a “buy” rating in a report on Thursday, May 22nd. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $480.08.

Adobe Trading Down 3.5%

NASDAQ:ADBE opened at $378.47 on Thursday. The company has a market cap of $160.55 billion, a P/E ratio of 24.21, a P/E/G ratio of 1.86 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 stock’s fifty day moving average price is $395.48 and its two-hundred day moving average price is $409.36. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping analysts’ consensus estimates 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 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 period in the previous year, the firm earned $4.48 EPS. As a group, analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

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.