Gateway Investment Advisers LLC cut its stake in shares of Adobe Inc (NASDAQ:ADBE) by 8.4% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 310,025 shares of the software company’s stock after selling 28,255 shares during the quarter. Gateway Investment Advisers LLC owned approximately 0.06% of Adobe worth $82,619,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of ADBE. Liberty Wealth Management LLC bought a new position in shares of Adobe in the fourth quarter valued at about $30,000. Barnett & Company Inc. bought a new position in shares of Adobe in the fourth quarter valued at about $32,000. Ruggie Capital Group bought a new position in shares of Adobe in the fourth quarter valued at about $33,000. Nalls Sherbakoff Group LLC bought a new position in shares of Adobe in the fourth quarter valued at about $34,000. Finally, Legacy Advisors LLC bought a new position in shares of Adobe in the first quarter valued at about $39,000. 86.68% of the stock is owned by institutional investors.

A number of research analysts recently issued reports on ADBE shares. Zacks Investment Research raised Adobe from a “hold” rating to a “buy” rating and set a $275.00 price target for the company in a report on Wednesday, December 12th. BMO Capital Markets lifted their price target on Adobe from $295.00 to $300.00 and gave the company an “outperform” rating in a report on Friday, December 14th. KeyCorp cut their price target on Adobe from $286.00 to $282.00 and set an “overweight” rating for the company in a report on Friday, December 14th. Morgan Stanley reaffirmed an “equal weight” rating and issued a $255.00 price target on shares of Adobe in a report on Friday, December 14th. Finally, Pivotal Research reaffirmed a “hold” rating and issued a $252.00 price target (down from $254.00) on shares of Adobe in a report on Friday, December 14th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and nineteen have given a buy rating to the company. The company presently has an average rating of “Buy” and an average target price of $285.56.

In other Adobe news, Director John E. Warnock sold 2,000 shares of the business’s stock in a transaction dated Wednesday, March 20th. The stock was sold at an average price of $260.47, for a total transaction of $520,940.00. Following the completion of the sale, the director now directly owns 16,088 shares of the company’s stock, valued at approximately $4,190,441.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Shantanu Narayen sold 139,834 shares of the business’s stock in a transaction dated Friday, January 25th. The stock was sold at an average price of $245.40, for a total value of $34,315,263.60. The disclosure for this sale can be found here. Insiders have sold a total of 283,153 shares of company stock valued at $70,000,814 over the last three months. Company insiders own 0.32% of the company’s stock.

Shares of NASDAQ:ADBE opened at $271.58 on Thursday. The stock has a market cap of $131.25 billion, a price-to-earnings ratio of 48.93, a PEG ratio of 2.63 and a beta of 1.10. Adobe Inc has a 1-year low of $204.95 and a 1-year high of $277.61. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.97 and a quick ratio of 0.97.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, March 14th. The software company reported $1.37 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.62 by ($0.25). The firm had revenue of $2.58 billion for the quarter, compared to the consensus estimate of $2.55 billion. Adobe had a return on equity of 30.60% and a net margin of 28.08%. The business’s revenue for the quarter was up 24.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.55 earnings per share. As a group, sell-side analysts expect that Adobe Inc will post 6.24 EPS for the current year.

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Adobe Company Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

Further Reading: Relative Strength Index

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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