Adobe Inc. (NASDAQ:ADBE) Shares Sold by Highland Capital Management LLC

Highland Capital Management LLC reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 24.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,080 shares of the software company’s stock after selling 2,664 shares during the period. Highland Capital Management LLC’s holdings in Adobe were worth $3,099,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in ADBE. Siemens Fonds Invest GmbH increased its holdings in Adobe by 252.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after purchasing an additional 39,888 shares in the last quarter. SWAN Capital LLC acquired a new stake in Adobe in the 4th 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 acquired a new stake in Adobe in the 4th quarter valued at $31,000. Finally, Garde Capital Inc. acquired a new stake in Adobe in the 1st quarter valued at $34,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Trading Up 0.2%

NASDAQ:ADBE opened at $385.83 on Friday. The company has a quick ratio of 1.18, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The business’s 50 day moving average is $393.23 and its two-hundred day moving average is $410.69. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The company 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.

Adobe (NASDAQ:ADBE) last released its 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. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. During the same quarter last year, the business posted $4.48 EPS. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several recent research reports. 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. KeyCorp upgraded Adobe from an “underweight” rating to a “sector weight” rating in a research note on Friday, March 21st. Wall Street Zen upgraded Adobe from a “hold” rating to a “buy” rating in a research note on Thursday, May 22nd. DA Davidson restated a “buy” rating and set a $500.00 target price on shares of Adobe in a research note on Friday, June 20th. Finally, Stifel Nicolaus lowered their target price on Adobe from $525.00 to $480.00 and set a “buy” rating for the company in a research note on Friday, June 13th. Nine investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $496.75.

Adobe 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.