Hidden Cove Wealth Management LLC bought a new stake in Adobe Inc. (NASDAQ:ADBE - Free Report) during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 977 shares of the software company's stock, valued at approximately $375,000.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Garde Capital Inc. acquired a new position in shares of Adobe during the first quarter valued at $34,000. Arizona State Retirement System grew its position in Adobe by 0.4% in the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock valued at $56,784,000 after buying an additional 570 shares in the last quarter. Burling Wealth Partners LLC acquired a new position in Adobe during the 4th quarter valued at about $1,173,000. Sound Income Strategies LLC raised its position in shares of Adobe by 17.6% during the 1st quarter. Sound Income Strategies LLC now owns 308 shares of the software company's stock worth $118,000 after buying an additional 46 shares in the last quarter. Finally, Horan Capital Advisors LLC. lifted its stake in shares of Adobe by 2.4% in the 4th quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company's stock worth $2,162,000 after acquiring an additional 114 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.
Adobe Stock Performance
Shares of ADBE stock opened at $384.95 on Friday. The company has a market capitalization of $164.07 billion, a price-to-earnings ratio of 24.63, a P/E/G ratio of 1.84 and a beta of 1.55. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The company has a current ratio of 0.99, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54. The stock's fifty day simple moving average is $392.49 and its 200-day simple moving average is $412.76.
Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. The firm 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 quarterly revenue was up 10.6% compared to the same quarter last year. During the same period last year, the company posted $4.48 EPS. On average, sell-side analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.
Analysts Set New Price Targets
A number of research analysts recently commented on the stock. Stifel Nicolaus lowered their price objective on shares of Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a research note on Friday, June 13th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $480.00 price target on shares of Adobe in a research note on Thursday, June 5th. Mizuho dropped their price objective on Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a research note on Friday, June 13th. Bank of America raised their target price on Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a research note on Friday, June 13th. Finally, Evercore ISI reaffirmed an "outperform" rating and set a $475.00 target price on shares of Adobe in a report on Friday, June 13th. Nine equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, Adobe currently has an average rating of "Moderate Buy" and a consensus target price of $496.75.
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About Adobe
(
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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