Allium Financial Advisors LLC Invests $342,000 in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Allium Financial Advisors LLC has purchased 891 shares of Adobe Inc. valued at approximately $342,000, marking the establishment of a new position in the software company in the first quarter.
• Several institutional investors have increased their holdings in Adobe, with Geode Capital Management and Bank of New York Mellon Corp being notable investors that have lifted their stakes significantly in recent months.
• Adobe's recent earnings report showed a 10.6% year-over-year revenue increase, posting a quarterly revenue of $5.87 billion and an EPS of $5.06, exceeding analysts' expectations.

Allium Financial Advisors LLC purchased a new stake in Adobe Inc. (NASDAQ:ADBE - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 891 shares of the software company's stock, valued at approximately $342,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Copia Wealth Management bought a new position in shares of Adobe during the fourth quarter worth about $28,000. SWAN Capital LLC bought a new position in shares of Adobe during the fourth quarter worth about $28,000. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Adobe during the first quarter worth about $26,000. Summit Securities Group LLC bought a new position in shares of Adobe during the fourth quarter worth about $31,000. Finally, Bernard Wealth Management Corp. bought a new position in shares of Adobe during the fourth quarter worth about $36,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Down 0.3%

Shares of ADBE stock traded down $1.22 during mid-day trading on Monday, hitting $369.52. The company's stock had a trading volume of 2,005,494 shares, compared to its average volume of 3,758,854. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The stock has a market cap of $156.75 billion, a price-to-earnings ratio of 23.64, a PEG ratio of 1.76 and a beta of 1.51. The business has a 50-day moving average price of $391.01 and a 200 day moving average price of $400.57.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly 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 net margin of 30.39% and a return on equity of 53.68%. The firm had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. During the same quarter in the prior year, the firm earned $4.48 EPS. The business's revenue for the quarter was up 10.6% compared to the same quarter last year. Research analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on ADBE shares. Mizuho lowered their target price on Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a report on Friday, June 13th. Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a report on Saturday. Redburn Atlantic cut Adobe from a "hold" rating to a "strong sell" rating and cut their price objective for the stock from $420.00 to $280.00 in a research report on Wednesday, July 2nd. Morgan Stanley cut their price objective on Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Finally, Citigroup dropped their price target on Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a research report on Monday, June 16th. Two 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 stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price 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.