Abbot Financial Management Inc. Makes New Investment in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Abbot Financial Management Inc. has acquired 1,939 shares of Adobe Inc., valued at approximately $744,000, marking a new investment position in the first quarter.
• Several institutional investors have recently increased their stakes in Adobe, with 81.79% of its stock now owned by such investors.
• Adobe's Q2 earnings surpassed expectations, reporting $5.06 EPS and $5.87 billion in revenue, demonstrating a 10.6% year-over-year revenue growth.

Abbot Financial Management Inc. bought a new position in Adobe Inc. (NASDAQ:ADBE - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 1,939 shares of the software company's stock, valued at approximately $744,000.

Other hedge funds also recently bought and sold shares of the company. Siemens Fonds Invest GmbH increased its stake in shares of Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after buying an additional 39,888 shares during the period. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Adobe during the first quarter valued at approximately $26,000. SWAN Capital LLC purchased a new position in shares of Adobe during the fourth quarter valued at approximately $28,000. Copia Wealth Management purchased a new position in shares of Adobe during the fourth quarter valued at approximately $28,000. Finally, Summit Securities Group LLC purchased a new position in shares of Adobe during the fourth quarter valued at approximately $31,000. Institutional investors own 81.79% of the company's stock.

Adobe Price Performance

ADBE stock traded down $1.27 during midday trading on Monday, hitting $369.47. The company's stock had a trading volume of 2,982,954 shares, compared to its average volume of 3,264,594. Adobe Inc. has a 12 month low of $332.01 and a 12 month 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 firm has a market capitalization of $156.73 billion, a price-to-earnings ratio of 23.64, a price-to-earnings-growth ratio of 1.76 and a beta of 1.51. The company has a 50 day moving average of $389.99 and a two-hundred day moving average of $400.32.

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 for the quarter, topping the consensus estimate of $4.97 by $0.09. The business had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company posted $4.48 EPS. On average, analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Analyst Ratings Changes

ADBE has been the topic of a number of research reports. Bank of America boosted their target price on shares of Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a report on Friday, June 13th. Robert W. Baird boosted their target price on shares of Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a report on Monday, June 16th. BMO Capital Markets restated an "outperform" rating and set a $450.00 target price on shares of Adobe in a report on Friday, June 13th. Evercore ISI reiterated an "outperform" rating and issued a $475.00 price target on shares of Adobe in a research note on Friday, June 13th. Finally, Morgan Stanley dropped their price target on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Adobe presently has an average rating of "Moderate Buy" and a consensus price target of $473.88.

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.