Maple Capital Management Inc. Has $210,000 Position in Adobe Inc. $ADBE

Maple Capital Management Inc. reduced its stake in Adobe Inc. (NASDAQ:ADBE) by 26.1% in the 1st quarter, Holdings Channel reports. The firm owned 547 shares of the software company’s stock after selling 193 shares during the period. Maple Capital Management Inc.’s holdings in Adobe were worth $210,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. GAMMA Investing LLC lifted its holdings in shares of Adobe by 46,806.6% during the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company’s stock worth $1,147,049,000 after buying an additional 2,984,391 shares during the last quarter. Goldman Sachs Group Inc. lifted its holdings in shares of Adobe by 68.3% during the first quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company’s stock worth $1,754,954,000 after buying an additional 1,856,544 shares during the last quarter. Nuveen LLC acquired a new position in shares of Adobe during the first quarter worth approximately $607,443,000. OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in shares of Adobe by 1,482.7% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company’s stock worth $498,000 after buying an additional 1,216,351 shares during the last quarter. Finally, Amundi lifted its holdings in shares of Adobe by 24.7% during the first quarter. Amundi now owns 4,848,521 shares of the software company’s stock worth $1,782,642,000 after buying an additional 961,895 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ADBE. Rothschild & Co Redburn lowered Adobe from a “neutral” rating to a “sell” rating and set a $280.00 price target for the company. in a report on Wednesday, July 2nd. Royal Bank Of Canada cut their price target on Adobe from $480.00 to $430.00 and set an “outperform” rating for the company in a report on Monday. Oppenheimer cut their price target on Adobe from $500.00 to $460.00 and set an “outperform” rating for the company in a report on Tuesday. Robert W. Baird upped their price target on Adobe from $410.00 to $425.00 and gave the stock a “neutral” rating in a report on Monday, June 16th. Finally, Stifel Nicolaus lowered their price objective on Adobe from $525.00 to $480.00 and set a “buy” rating on the stock in a research report on Friday, June 13th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $444.89.

Adobe Stock Performance

ADBE opened at $350.55 on Friday. The stock has a market cap of $148.70 billion, a PE ratio of 22.43, a P/E/G ratio of 1.66 and a beta of 1.48. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. Adobe Inc. has a 1 year low of $330.04 and a 1 year high of $587.75. The stock’s 50 day simple moving average is $357.92 and its 200-day simple moving average is $380.45.

Adobe (NASDAQ:ADBE) last announced its quarterly 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. Adobe had a return on equity of 53.68% and a net margin of 30.39%.The firm had revenue of $5.87 billion for the quarter, compared to analysts’ expectations of $5.80 billion. During the same period in the prior year, the business posted $4.48 earnings per share. The business’s revenue was up 10.6% compared to the same quarter last year. Sell-side analysts forecast that Adobe Inc. will post 16.65 EPS for the current 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.