West Family Investments Inc. Has $378,000 Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

West Family Investments Inc. lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 3.4% in the first quarter, Holdings Channel reports. The firm owned 985 shares of the software company’s stock after selling 35 shares during the period. West Family Investments Inc.’s holdings in Adobe were worth $378,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Whittier Trust Co. of Nevada Inc. boosted its position in shares of Adobe by 2.2% during the first quarter. Whittier Trust Co. of Nevada Inc. now owns 6,696 shares of the software company’s stock worth $2,568,000 after buying an additional 145 shares during the period. BluePointe Capital Management LLC acquired a new stake in Adobe in the 1st quarter valued at approximately $244,000. Cornercap Investment Counsel Inc. lifted its stake in Adobe by 211.5% in the 1st quarter. Cornercap Investment Counsel Inc. now owns 3,909 shares of the software company’s stock valued at $1,499,000 after acquiring an additional 2,654 shares in the last quarter. Dakota Wealth Management boosted its position in Adobe by 16.1% during the 1st quarter. Dakota Wealth Management now owns 19,414 shares of the software company’s stock worth $7,446,000 after acquiring an additional 2,699 shares during the last quarter. Finally, LJI Wealth Management LLC boosted its position in Adobe by 14.1% during the 1st quarter. LJI Wealth Management LLC now owns 802 shares of the software company’s stock worth $308,000 after acquiring an additional 99 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Ratings Changes

ADBE has been the subject of several recent research reports. Wall Street Zen upgraded shares of Adobe from a “hold” rating to a “buy” rating in a report on Thursday, May 22nd. Oppenheimer cut their price target on shares of Adobe from $530.00 to $500.00 and set an “outperform” rating on the stock in a research report on Friday, June 13th. Stifel Nicolaus reduced their price objective on shares of Adobe from $525.00 to $480.00 and set a “buy” rating for the company in a research note on Friday, June 13th. Morgan Stanley lowered their target price on Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Finally, 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. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $473.88.

Adobe Trading Up 1.0%

ADBE opened at $366.99 on Tuesday. The company has a market cap of $155.68 billion, a P/E ratio of 23.48, a PEG ratio of 1.72 and a beta of 1.51. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The company’s 50 day moving average is $395.75 and its 200-day moving average is $404.67. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, beating analysts’ consensus estimates of $4.97 by $0.09. The firm had revenue of $5.87 billion for 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 company’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the business posted $4.48 earnings per share. Equities research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.