AMI Asset Management Corp Sells 2,059 Shares of Adobe Inc. (NASDAQ:ADBE)

AMI Asset Management Corp reduced its position in Adobe Inc. (NASDAQ:ADBE) by 2.5% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 80,455 shares of the software company’s stock after selling 2,059 shares during the quarter. Adobe comprises about 1.8% of AMI Asset Management Corp’s portfolio, making the stock its 27th largest holding. AMI Asset Management Corp’s holdings in Adobe were worth $30,857,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Sepio Capital LP boosted its stake in Adobe by 2.3% during the fourth quarter. Sepio Capital LP now owns 993 shares of the software company’s stock worth $442,000 after buying an additional 22 shares during the period. Cadence Bank boosted its stake in Adobe by 0.5% during the fourth quarter. Cadence Bank now owns 4,883 shares of the software company’s stock worth $2,171,000 after buying an additional 22 shares during the period. Eagle Strategies LLC boosted its stake in Adobe by 1.5% during the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company’s stock worth $651,000 after buying an additional 22 shares during the period. RB Capital Management LLC boosted its stake in Adobe by 0.4% during the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company’s stock worth $2,198,000 after buying an additional 22 shares during the period. Finally, Orin Green Financial LLC boosted its stake in Adobe by 3.8% during the fourth quarter. Orin Green Financial LLC now owns 621 shares of the software company’s stock worth $276,000 after buying an additional 23 shares during the period. 81.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on ADBE. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Monday. Mizuho dropped their price objective on shares of Adobe from $575.00 to $530.00 and set an “outperform” rating for the company in a research note on Friday, June 13th. Evercore ISI reissued an “outperform” rating and set a $475.00 target price on shares of Adobe in a research note on Friday, June 13th. Wall Street Zen upgraded shares of Adobe from a “hold” rating to a “buy” rating in a report on Thursday, May 22nd. Finally, Citigroup cut their price target on shares of Adobe from $465.00 to $450.00 and set a “neutral” rating on the stock in a report on Monday, June 16th. Nine equities 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. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $496.75.

Adobe Stock Performance

ADBE stock opened at $387.55 on Thursday. The firm has a market cap of $165.17 billion, a price-to-earnings ratio of 24.80, a PEG ratio of 1.81 and a beta of 1.55. The firm has a 50-day simple moving average of $391.76 and a two-hundred day simple moving average of $413.89. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.18 and a current ratio of 0.99.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating the consensus estimate of $4.97 by $0.09. The business 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 company’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the firm posted $4.48 earnings per share. On average, equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.