Corient IA LLC Acquires New Stake in Adobe Inc. $ADBE

Key Points

• Corient IA LLC purchased 1,000 shares of Adobe Inc. for approximately $384,000, signifying a new position in the company in the first quarter.
• Adobe reported earnings of $5.06 per share, exceeding analysts' expectations of $4.97, with revenue for the quarter reaching $5.87 billion.
• Analysts have mixed ratings on Adobe's stock, with targets ranging from $280 to $575, and an average target of $467.58 indicating a "Moderate Buy" rating.

Corient IA LLC bought a new stake in Adobe Inc. (NASDAQ:ADBE - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,000 shares of the software company's stock, valued at approximately $384,000.

Several other hedge funds have also recently made changes to their positions in ADBE. Siemens Fonds Invest GmbH raised its stake in shares of Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after purchasing an additional 39,888 shares during the period. Barnes Dennig Private Wealth Management LLC purchased a new position in Adobe during the first quarter worth about $26,000. SWAN Capital LLC purchased a new position in Adobe during the fourth quarter worth about $28,000. Copia Wealth Management purchased a new position in Adobe during the fourth quarter worth about $28,000. Finally, HHM Wealth Advisors LLC purchased a new position in Adobe during the first quarter worth about $30,000. 81.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on the company. JMP Securities restated a "market perform" rating on shares of Adobe in a research report on Monday, June 23rd. Bank of America boosted their target price on Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a research report on Friday, June 13th. Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. DA Davidson restated a "buy" rating and set a $500.00 target price on shares of Adobe in a research report on Friday, June 20th. Finally, Robert W. Baird boosted their target price on Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research report on Monday, June 16th. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $467.58.

Adobe Stock Up 0.7%

Shares of NASDAQ:ADBE traded up $2.39 during trading on Monday, hitting $357.24. The stock had a trading volume of 2,920,441 shares, compared to its average volume of 3,647,353. Adobe Inc. has a 12 month low of $330.04 and a 12 month high of $587.75. The company has a market capitalization of $151.54 billion, a PE ratio of 22.86, a PEG ratio of 1.68 and a beta of 1.51. The firm's fifty day moving average is $370.66 and its 200 day moving average is $391.57. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $5.80 billion. During the same quarter in the prior year, the company earned $4.48 EPS. The business's revenue was up 10.6% compared to the same quarter last year. Analysts anticipate 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.