Sit Investment Associates Inc. Sells 6,012 Shares of Adobe Inc. (NASDAQ:ADBE)

Sit Investment Associates Inc. lowered its stake in Adobe Inc. (NASDAQ:ADBE) by 14.4% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 35,647 shares of the software company’s stock after selling 6,012 shares during the quarter. Sit Investment Associates Inc.’s holdings in Adobe were worth $13,672,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Brighton Jones LLC increased its stake in Adobe by 2.1% during the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock valued at $3,588,000 after purchasing an additional 167 shares in the last quarter. Bank Pictet & Cie Europe AG increased its stake in Adobe by 2.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company’s stock valued at $12,882,000 after purchasing an additional 756 shares in the last quarter. Cohen & Steers Inc. increased its stake in Adobe by 6.6% during the 4th quarter. Cohen & Steers Inc. now owns 760 shares of the software company’s stock valued at $338,000 after purchasing an additional 47 shares in the last quarter. Ontario Teachers Pension Plan Board bought a new stake in Adobe during the 4th quarter valued at $386,000. Finally, Jump Financial LLC increased its stake in Adobe by 224.8% during the 4th quarter. Jump Financial LLC now owns 17,813 shares of the software company’s stock valued at $7,921,000 after purchasing an additional 12,329 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the stock. Rothschild & Co Redburn lowered shares of Adobe from a “neutral” rating to a “sell” rating and set a $280.00 target price for the company. in a research note on Wednesday, July 2nd. DA Davidson reiterated a “buy” rating and issued a $500.00 target price on shares of Adobe in a research note on Friday, June 20th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $480.00 target price on shares of Adobe in a research note on Thursday, June 5th. Wells Fargo & Company reiterated an “overweight” rating and issued a $470.00 target price (up previously from $430.00) on shares of Adobe in a research note on Friday, June 13th. Finally, Melius lowered shares of Adobe from a “hold” rating to a “sell” rating and set a $310.00 target price for the company. in a research note on Monday. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $467.58.

Adobe Trading Up 3.7%

Shares of Adobe stock opened at $351.07 on Thursday. Adobe Inc. has a 12-month low of $330.04 and a 12-month high of $587.75. The company has a market cap of $148.92 billion, a price-to-earnings ratio of 22.46, a PEG ratio of 1.60 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 price is $374.41 and its 200-day moving average price is $394.07.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The firm had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. During the same period in the prior year, the firm posted $4.48 earnings per share. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, equities analysts expect that Adobe Inc. will post 16.65 earnings per share 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.