3Chopt Investment Partners LLC acquired a new position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 1,293 shares of the software company's stock, valued at approximately $496,000.
Several other institutional investors and hedge funds have also recently bought and sold shares of ADBE. Brighton Jones LLC raised its holdings in Adobe by 2.1% during the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock worth $3,588,000 after buying an additional 167 shares during the period. Bank Pictet & Cie Europe AG increased its holdings in shares of Adobe by 2.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock valued at $12,882,000 after purchasing an additional 756 shares during the period. GHE LLC increased its holdings in shares of Adobe by 2.9% in the 4th quarter. GHE LLC now owns 23,577 shares of the software company's stock valued at $10,484,000 after purchasing an additional 670 shares during the period. Linscomb Wealth Inc. increased its holdings in shares of Adobe by 11.1% in the 4th quarter. Linscomb Wealth Inc. now owns 5,327 shares of the software company's stock valued at $2,369,000 after purchasing an additional 532 shares during the period. Finally, SVB Wealth LLC acquired a new position in shares of Adobe in the 4th quarter valued at about $8,033,000. Institutional investors and hedge funds own 81.79% of the company's stock.
Adobe Stock Up 0.2%
Shares of Adobe stock opened at $385.83 on Friday. The stock has a market capitalization of $163.67 billion, a P/E ratio of 24.69, a PEG ratio of 1.83 and a beta of 1.55. The company has a quick ratio of 1.18, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The stock has a 50 day moving average price of $393.23 and a two-hundred day moving average price of $410.69. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75.
Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share 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 company had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. During the same period in the prior year, the business earned $4.48 earnings per share. Adobe's revenue for the quarter was up 10.6% compared to the same quarter last year. Equities analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.
Wall Street Analyst Weigh In
A number of brokerages have recently weighed in on ADBE. Bank of America upped their target price on Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a report on Friday, June 13th. KeyCorp upgraded Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. Phillip Securities upgraded Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday, June 16th. Mizuho dropped their target price on Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. Finally, DA Davidson reissued a "buy" rating and issued a $500.00 price target on shares of Adobe in a research note on Friday, June 20th. Nine research 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. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $496.75.
View Our Latest Analysis on Adobe
Adobe Profile
(
Free Report)
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.
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