6,570 Shares in Adobe Inc. (NASDAQ:ADBE) Purchased by Bastion Asset Management Inc.

Key Points

• Bastion Asset Management Inc. acquired 6,570 shares of Adobe Inc. (NASDAQ:ADBE), valuing their investment at approximately $2.5 million during the first quarter.
• Significant increases in holdings were reported by other institutional investors, including GAMMA Investing LLC which raised its stake by 46,806.6% and OVERSEA CHINESE BANKING Corp Ltd which increased its stake by 1,482.7%.
• Adobe's recent earnings report surpassed expectations, with $5.06 earnings per share for the quarter and a year-over-year revenue increase of 10.6%.

Bastion Asset Management Inc. acquired a new position in Adobe Inc. (NASDAQ:ADBE - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 6,570 shares of the software company's stock, valued at approximately $2,513,000.

Other institutional investors also recently bought and sold shares of the company. GAMMA Investing LLC lifted its stake in Adobe by 46,806.6% in the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock worth $1,147,049,000 after purchasing an additional 2,984,391 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd lifted its stake in Adobe by 1,482.7% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company's stock worth $498,000 after purchasing an additional 1,216,351 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Adobe by 82.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock worth $937,291,000 after purchasing an additional 952,233 shares in the last quarter. Two Sigma Advisers LP raised its holdings in shares of 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 acquiring an additional 830,300 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Adobe during the 4th quarter worth $365,750,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ADBE has been the topic of several analyst reports. Mizuho reduced their price target on Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. Citigroup reduced their price target on Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a report on Monday, June 16th. Royal Bank Of Canada restated an "outperform" rating and set a $480.00 price target on shares of Adobe in a report on Thursday, June 5th. Redburn Atlantic downgraded shares of Adobe from a "hold" rating to a "strong sell" rating and cut their price target for the stock from $420.00 to $280.00 in a report on Wednesday, July 2nd. Finally, BMO Capital Markets restated an "outperform" rating and set a $450.00 price target on shares of Adobe in a report on Friday, June 13th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $473.88.

Adobe Price Performance

Adobe stock opened at $370.74 on Friday. The firm has a market cap of $157.27 billion, a PE ratio of 23.72, a price-to-earnings-growth ratio of 1.76 and a beta of 1.51. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. 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 company's 50 day moving average is $391.01 and its two-hundred day moving average is $400.84.

Adobe (NASDAQ:ADBE - Get Free Report) last released 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 company had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The firm's quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the business earned $4.48 EPS. On average, research analysts expect 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.

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