1,583,821 Shares in Adobe Inc. (NASDAQ:ADBE) Acquired by Nuveen LLC

Key Points

• Nuveen LLC acquired 1,583,821 shares of Adobe Inc. (NASDAQ:ADBE), representing a new position valued at approximately $607 million, giving them a 0.37% ownership stake.
• Adobe reported earnings of $5.06 per share for the latest quarter, exceeding analyst estimates, with a revenue of $5.87 billion, marking a 10.6% increase year-over-year.
• Institutional investors hold 81.79% of Adobe's stock, with notable increases in holdings from firms like GAMMA Investing LLC and Goldman Sachs Group Inc. in the first quarter.

Nuveen LLC purchased a new stake in Adobe Inc. (NASDAQ:ADBE - Free Report) during the first quarter, according to its most recent filing with the SEC. The firm purchased 1,583,821 shares of the software company's stock, valued at approximately $607,443,000. Nuveen LLC owned 0.37% of Adobe at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. GAMMA Investing LLC grew its stake in Adobe by 46,806.6% during the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock worth $1,147,049,000 after buying an additional 2,984,391 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Adobe by 68.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company's stock worth $1,754,954,000 after buying an additional 1,856,544 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd grew its stake in Adobe by 1,482.7% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company's stock worth $498,000 after buying an additional 1,216,351 shares during the last quarter. Two Sigma Advisers LP grew its stake in Adobe by 1,414.5% during the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock worth $395,321,000 after buying an additional 830,300 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Adobe during the 4th quarter worth $365,750,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Price Performance

NASDAQ:ADBE traded down $7.40 during trading hours on Monday, hitting $333.65. 4,360,234 shares of the stock were exchanged, compared to its average volume of 3,799,113. 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 firm's fifty day moving average price is $378.55 and its 200 day moving average price is $395.47. The company has a market cap of $141.53 billion, a P/E ratio of 21.35, a P/E/G ratio of 1.62 and a beta of 1.51. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.97 by $0.09. The business had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The business's revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the business earned $4.48 earnings per share. As a group, equities research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently weighed in on ADBE. UBS Group boosted their target price on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research note on Monday, June 9th. JMP Securities reiterated a "market perform" rating on shares of Adobe in a research note on Monday, June 23rd. Mizuho dropped their price target on Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a research note on Friday, June 13th. Phillip Securities upgraded Adobe from a "moderate sell" rating to a "strong-buy" rating in a research note on Monday, June 16th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and set a $480.00 price target on shares of Adobe in a research note on Thursday, June 5th. Three investment 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 company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $467.58.

About Adobe

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.