Adobe Inc. (NASDAQ:ADBE) Shares Bought by Edgestream Partners L.P.

Edgestream Partners L.P. lifted its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 147.3% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,198 shares of the software company's stock after acquiring an additional 1,905 shares during the period. Edgestream Partners L.P.'s holdings in Adobe were worth $1,227,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the business. Sepio Capital LP raised its holdings in shares of Adobe by 2.3% during the 4th quarter. Sepio Capital LP now owns 993 shares of the software company's stock worth $442,000 after acquiring an additional 22 shares in the last quarter. Cadence Bank raised its holdings in Adobe by 0.5% during the 4th quarter. Cadence Bank now owns 4,883 shares of the software company's stock valued at $2,171,000 after buying an additional 22 shares during the period. Eagle Strategies LLC raised its holdings in Adobe by 1.5% during the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock valued at $651,000 after buying an additional 22 shares during the period. RB Capital Management LLC raised its holdings in Adobe by 0.4% during the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock valued at $2,198,000 after buying an additional 22 shares during the period. Finally, Orin Green Financial LLC raised its holdings in Adobe by 3.8% during the 4th quarter. Orin Green Financial LLC now owns 621 shares of the software company's stock valued at $276,000 after buying an additional 23 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

ADBE has been the topic of several recent research reports. Evercore ISI restated an "outperform" rating and set a $475.00 price target on shares of Adobe in a report on Friday, June 13th. Bank of America upped their price objective on Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a research report on Friday, June 13th. 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. Redburn Atlantic downgraded Adobe from a "hold" rating to a "strong sell" rating and dropped their price target for the stock from $420.00 to $280.00 in a research report on Wednesday, July 2nd. Finally, Wall Street Zen downgraded Adobe from a "buy" rating to a "hold" rating in a research report on Friday. Two analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $473.88.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded down $0.66 during trading on Friday, hitting $365.79. The stock had a trading volume of 2,445,698 shares, compared to its average volume of 3,477,489. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The stock has a market capitalization of $155.17 billion, a price-to-earnings ratio of 23.40, a price-to-earnings-growth ratio of 1.73 and a beta of 1.51. 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 stock has a 50-day simple moving average of $394.20 and a two-hundred day simple moving average of $402.72.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping the consensus estimate of $4.97 by $0.09. The firm had revenue of $5.87 billion for 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%. Adobe's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period last year, the company earned $4.48 earnings per share. On average, equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

About Adobe

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.