Adobe Inc. (NASDAQ:ADBE) Shares Sold by Rossmore Private Capital

Rossmore Private Capital lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 41.4% during the first quarter, Holdings Channel reports. The fund owned 3,878 shares of the software company’s stock after selling 2,742 shares during the quarter. Rossmore Private Capital’s holdings in Adobe were worth $1,487,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Taylor Hoffman Capital Management LLC boosted its holdings in shares of Adobe by 2.8% in the 1st quarter. Taylor Hoffman Capital Management LLC now owns 12,155 shares of the software company’s stock valued at $4,658,000 after purchasing an additional 331 shares during the last quarter. Dillon & Associates Inc. boosted its holdings in shares of Adobe by 5.5% in the 1st quarter. Dillon & Associates Inc. now owns 4,189 shares of the software company’s stock valued at $1,609,000 after purchasing an additional 218 shares during the last quarter. Public Sector Pension Investment Board boosted its holdings in shares of Adobe by 44.1% in the 1st quarter. Public Sector Pension Investment Board now owns 107,483 shares of the software company’s stock valued at $41,223,000 after purchasing an additional 32,895 shares during the last quarter. Eagle Global Advisors LLC boosted its holdings in shares of Adobe by 8.8% in the 1st quarter. Eagle Global Advisors LLC now owns 16,004 shares of the software company’s stock valued at $6,138,000 after purchasing an additional 1,296 shares during the last quarter. Finally, AIA Group Ltd boosted its holdings in shares of Adobe by 17.5% in the 1st quarter. AIA Group Ltd now owns 2,439 shares of the software company’s stock valued at $935,000 after purchasing an additional 363 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the stock. Morgan Stanley decreased their price target on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Rothschild & Co Redburn lowered shares of Adobe from a “neutral” rating to a “sell” rating and set a $280.00 price target on the stock. in a report on Wednesday, July 2nd. Royal Bank Of Canada reiterated an “outperform” rating and issued a $480.00 price target on shares of Adobe in a report on Thursday, June 5th. Redburn Atlantic lowered shares of Adobe from a “hold” rating to a “strong sell” rating and decreased their price target for the company from $420.00 to $280.00 in a report on Wednesday, July 2nd. Finally, BMO Capital Markets reiterated an “outperform” rating and issued a $450.00 price target on shares of Adobe in a report on Friday, June 13th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $467.58.

Adobe Stock Performance

Adobe stock opened at $333.65 on Tuesday. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The company has a market capitalization of $141.53 billion, a price-to-earnings ratio of 21.35, a price-to-earnings-growth ratio of 1.62 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The firm’s fifty day moving average price is $377.15 and its 200 day moving average price is $394.76.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.09. The company had revenue of $5.87 billion during the quarter, compared to analyst estimates 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 business earned $4.48 EPS. On average, research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal 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.