Dock Street Asset Management Inc. Takes Position in Adobe Inc. (NASDAQ:ADBE)

Dock Street Asset Management Inc. purchased a new position in Adobe Inc. (NASDAQ:ADBE - Free Report) during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 1,261 shares of the software company's stock, valued at approximately $484,000.

Several other hedge funds and other institutional investors have also modified their holdings of ADBE. Garde Capital Inc. acquired a new position in Adobe in the first quarter worth approximately $34,000. Krane Funds Advisors LLC increased its stake in shares of Adobe by 110.4% during the 1st quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company's stock worth $533,000 after purchasing an additional 730 shares during the last quarter. Burling Wealth Partners LLC bought a new position in shares of Adobe during the 4th quarter valued at $1,173,000. Financial Counselors Inc. lifted its stake in shares of Adobe by 9.2% in the 1st quarter. Financial Counselors Inc. now owns 62,851 shares of the software company's stock valued at $24,105,000 after purchasing an additional 5,298 shares during the last quarter. Finally, Summit Trail Advisors LLC boosted its holdings in Adobe by 36.2% in the first quarter. Summit Trail Advisors LLC now owns 9,719 shares of the software company's stock worth $3,728,000 after purchasing an additional 2,583 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Price Performance

ADBE stock traded down $8.08 during trading on Friday, hitting $363.35. The company had a trading volume of 3,545,215 shares, compared to its average volume of 3,460,173. The company has a market cap of $154.13 billion, a P/E ratio of 23.25, a P/E/G ratio of 1.72 and a beta of 1.51. The company has a fifty day moving average price of $396.03 and a two-hundred day moving average price of $405.54. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. 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 (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 analysts' consensus estimates of $4.97 by $0.09. The business had revenue of $5.87 billion during 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%. The firm's revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter last year, the company posted $4.48 EPS. Equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ADBE. BMO Capital Markets reiterated an "outperform" rating and set a $450.00 price target on shares of Adobe in a report on Friday, June 13th. Morgan Stanley lowered their target price on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Stifel Nicolaus cut their target price on shares of Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a research report on Friday, June 13th. Evercore ISI reaffirmed an "outperform" rating and issued a $475.00 price target on shares of Adobe in a research report on Friday, June 13th. Finally, DA Davidson reissued a "buy" rating and set a $500.00 price objective on shares of Adobe in a research report on Friday, June 20th. Two equities 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 assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $473.88.

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.