Essex LLC Reduces Holdings in Adobe Inc. (NASDAQ:ADBE)

Essex LLC reduced its position in Adobe Inc. (NASDAQ:ADBE) by 11.1% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 523 shares of the software company’s stock after selling 65 shares during the period. Essex LLC’s holdings in Adobe were worth $201,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Garde Capital Inc. acquired a new stake in shares of Adobe during the first quarter worth about $34,000. Arizona State Retirement System lifted its position in Adobe by 0.4% during the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock worth $56,784,000 after acquiring an additional 570 shares during the period. Burling Wealth Partners LLC acquired a new stake in Adobe during the 4th quarter worth approximately $1,173,000. Sound Income Strategies LLC grew its stake in shares of Adobe by 17.6% in the 1st quarter. Sound Income Strategies LLC now owns 308 shares of the software company’s stock valued at $118,000 after purchasing an additional 46 shares during the last quarter. Finally, Horan Capital Advisors LLC. increased its holdings in shares of Adobe by 2.4% in the fourth quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company’s stock valued at $2,162,000 after purchasing an additional 114 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Trading Up 0.2%

Adobe stock opened at $385.83 on Monday. The stock has a 50-day moving average price of $393.23 and a 200 day moving average price of $410.24. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The stock has a market cap of $163.67 billion, a PE ratio of 24.69, a P/E/G ratio of 1.83 and a beta of 1.55. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE) last released 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 company 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 firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period last year, the company earned $4.48 EPS. Equities research analysts predict 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. Mizuho dropped their price objective on shares of Adobe from $575.00 to $530.00 and set an “outperform” rating on the stock in a research note on Friday, June 13th. JPMorgan Chase & Co. dropped their price objective on Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. DA Davidson reissued a “buy” rating and issued a $500.00 target price on shares of Adobe in a report on Friday, June 20th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $470.00 price target (up from $430.00) on shares of Adobe in a research note on Friday, June 13th. Finally, Oppenheimer cut their price target on shares of Adobe from $530.00 to $500.00 and set an “outperform” rating for the company in a report on Friday, June 13th. Nine investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average target price of $496.75.

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.