Montrusco Bolton Investments Inc. Decreases Holdings in Adobe Inc. (NASDAQ:ADBE)

Montrusco Bolton Investments Inc. decreased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 50.5% in the 1st quarter, Holdings Channel reports. The fund owned 331,030 shares of the software company’s stock after selling 337,468 shares during the quarter. Adobe accounts for approximately 1.6% of Montrusco Bolton Investments Inc.’s holdings, making the stock its 22nd largest position. Montrusco Bolton Investments Inc.’s holdings in Adobe were worth $123,839,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank bought a new position in Adobe in the 4th quarter worth about $2,553,035,000. GAMMA Investing LLC boosted its stake in Adobe by 46,806.6% in the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company’s stock worth $1,147,049,000 after purchasing an additional 2,984,391 shares during the period. OVERSEA CHINESE BANKING Corp Ltd boosted its position in shares of Adobe by 1,482.7% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company’s stock valued at $498,000 after acquiring an additional 1,216,351 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its position in shares of Adobe by 82.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock valued at $937,291,000 after acquiring an additional 952,233 shares during the last quarter. Finally, Two Sigma Advisers LP boosted its position in shares of Adobe by 1,414.5% during the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company’s stock valued at $395,321,000 after acquiring an additional 830,300 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

ADBE opened at $361.77 on Thursday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The stock has a market capitalization of $153.46 billion, a PE ratio of 23.15, a price-to-earnings-growth ratio of 1.73 and a beta of 1.51. The stock’s 50 day moving average price is $394.90 and its 200-day moving average price is $404.10.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results 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 for the quarter, compared to analysts’ expectations of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the prior year, the firm earned $4.48 earnings per share. On average, equities research analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Analyst Ratings Changes

A number of analysts have recently issued reports on ADBE shares. BMO Capital Markets reiterated an “outperform” rating and set a $450.00 price target on shares of Adobe in a research report on Friday, June 13th. Stifel Nicolaus dropped their price target on Adobe from $525.00 to $480.00 and set a “buy” rating for the company in a research report on Friday, June 13th. Royal Bank Of Canada reiterated an “outperform” rating and set a $480.00 price target on shares of Adobe in a research report on Thursday, June 5th. Wells Fargo & Company restated an “overweight” rating and issued a $470.00 target price (up previously from $430.00) on shares of Adobe in a research report on Friday, June 13th. Finally, Wall Street Zen upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Thursday, May 22nd. Two research 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. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $473.88.

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.