Adobe Inc. (NASDAQ:ADBE) Position Reduced by Bessemer Group Inc.

Bessemer Group Inc. trimmed its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 48.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 18,206 shares of the software company’s stock after selling 16,903 shares during the quarter. Bessemer Group Inc.’s holdings in Adobe were worth $6,983,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. Sepio Capital LP boosted its stake in Adobe by 2.3% during the 4th quarter. Sepio Capital LP now owns 993 shares of the software company’s stock valued at $442,000 after acquiring an additional 22 shares during the last quarter. Cadence Bank boosted its stake in Adobe by 0.5% during the 4th quarter. Cadence Bank now owns 4,883 shares of the software company’s stock valued at $2,171,000 after acquiring an additional 22 shares during the last quarter. Eagle Strategies LLC boosted its stake in Adobe by 1.5% during the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company’s stock valued at $651,000 after acquiring an additional 22 shares during the last quarter. RB Capital Management LLC boosted its stake in Adobe by 0.4% during the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company’s stock valued at $2,198,000 after acquiring an additional 22 shares during the last quarter. Finally, Orin Green Financial LLC boosted its stake in Adobe by 3.8% during the 4th quarter. Orin Green Financial LLC now owns 621 shares of the software company’s stock valued at $276,000 after acquiring an additional 23 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of recent research reports. JPMorgan Chase & Co. reduced their price target on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Wall Street Zen upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research report on Thursday, May 22nd. Wells Fargo & Company restated an “overweight” rating and issued a $470.00 price target (up from $430.00) on shares of Adobe in a research report on Friday, June 13th. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Monday. Finally, Bank of America raised their price target on shares of Adobe from $424.00 to $475.00 and gave the stock a “buy” rating in a research report on Friday, June 13th. Nine investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $496.75.

Adobe Stock Down 0.7%

Adobe stock opened at $384.95 on Friday. The stock has a market cap of $164.07 billion, a price-to-earnings ratio of 24.63, a PEG ratio of 1.84 and a beta of 1.55. The company has a current ratio of 0.99, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54. The company’s 50-day moving average price is $392.49 and its two-hundred day moving average price is $412.76. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75.

Adobe (NASDAQ:ADBE) last released its 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 firm had revenue of $5.87 billion for the quarter, compared to analysts’ expectations of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the company earned $4.48 EPS. On average, analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal 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.