Bank of Stockton Has $1.88 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Bank of Stockton reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 3.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,892 shares of the software company’s stock after selling 196 shares during the period. Bank of Stockton’s holdings in Adobe were worth $1,876,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of ADBE. Siemens Fonds Invest GmbH grew its stake in shares of Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock worth $25,000 after acquiring an additional 39,888 shares in the last quarter. SWAN Capital LLC bought a new position in Adobe in the fourth quarter valued at $28,000. Copia Wealth Management acquired a new stake in Adobe in the 4th quarter valued at $28,000. Summit Securities Group LLC bought a new stake in Adobe during the 4th quarter worth about $31,000. Finally, Garde Capital Inc. acquired a new position in shares of Adobe during the 1st quarter worth about $34,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Trading Up 1.4%

ADBE opened at $387.55 on Thursday. The stock has a market capitalization of $165.17 billion, a price-to-earnings ratio of 24.80, a P/E/G ratio of 1.81 and a beta of 1.55. The company has a quick ratio of 1.18, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The company has a 50-day simple moving average of $391.76 and a 200 day simple moving average of $413.89.

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

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Mizuho dropped their target price on Adobe from $575.00 to $530.00 and set an “outperform” rating on the stock in a report on Friday, June 13th. DA Davidson restated a “buy” rating and set a $500.00 target price on shares of Adobe in a report on Friday, June 20th. Royal Bank Of Canada reissued an “outperform” rating and issued a $480.00 price objective on shares of Adobe in a research report on Thursday, June 5th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Monday. Finally, Evercore ISI reiterated an “outperform” rating and issued a $475.00 target price on shares of Adobe in a research note on Friday, June 13th. Nine research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $496.75.

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.