ASR Vermogensbeheer N.V. Makes New Investment in Adobe Inc. (NASDAQ:ADBE)

Key Points

• ASR Vermogensbeheer N.V. acquired 127,611 shares of Adobe Inc., valued at approximately $48.9 million, making it the 25th largest position in their holdings.
• Recent analyst reports have seen price target reductions for Adobe, with Citigroup lowering its target from $465 to $450 and Oppenheimer from $530 to $500, while maintaining a neutral and outperform rating, respectively.
• Adobe's latest quarterly earnings showed a 10.6% year-over-year revenue increase to $5.87 billion, with reported earnings per share of $5.06, surpassing analysts' expectations.

ASR Vermogensbeheer N.V. acquired a new position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 127,611 shares of the software company's stock, valued at approximately $48,941,000. Adobe makes up 0.7% of ASR Vermogensbeheer N.V.'s investment portfolio, making the stock its 25th biggest holding.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ADBE. Siemens Fonds Invest GmbH grew its holdings in Adobe by 252.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after buying an additional 39,888 shares during the period. Barnes Dennig Private Wealth Management LLC purchased a new stake in shares of Adobe during the 1st quarter worth about $26,000. SWAN Capital LLC purchased a new stake in shares of Adobe during the 4th quarter worth about $28,000. Copia Wealth Management purchased a new stake in shares of Adobe during the 4th quarter worth about $28,000. Finally, HHM Wealth Advisors LLC purchased a new stake in shares of Adobe during the 1st quarter worth about $30,000. Hedge funds and other institutional investors own 81.79% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ADBE. Bank of America boosted their target price on Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a report on Friday, June 13th. Stifel Nicolaus reduced their price target on Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a research report on Friday, June 13th. Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. UBS Group boosted their price target on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research report on Monday, June 9th. Finally, Oppenheimer reduced their price target on Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research report on Friday, June 13th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $473.88.

Adobe Trading Down 2.1%

Shares of NASDAQ ADBE traded down $7.35 during mid-day trading on Thursday, hitting $338.27. 4,658,591 shares of the company traded hands, compared to its average volume of 3,370,717. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The stock has a market capitalization of $143.49 billion, a price-to-earnings ratio of 21.64, a PEG ratio of 1.64 and a beta of 1.51. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The business has a 50 day moving average of $380.02 and a two-hundred day moving average of $396.70.

Adobe (NASDAQ:ADBE - Get Free Report) last announced 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. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The business had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same period in the prior year, the business posted $4.48 earnings per share. Adobe's revenue was up 10.6% compared to the same quarter last year. On average, sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share 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.