Chevy Chase Trust Holdings LLC lifted its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 0.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 246,196 shares of the software company's stock after purchasing an additional 1,443 shares during the period. Chevy Chase Trust Holdings LLC owned about 0.06% of Adobe worth $94,424,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Sepio Capital LP raised its holdings in Adobe by 2.3% in the fourth quarter. Sepio Capital LP now owns 993 shares of the software company's stock valued at $442,000 after acquiring an additional 22 shares in the last quarter. Cadence Bank grew its holdings in Adobe by 0.5% during the 4th quarter. Cadence Bank now owns 4,883 shares of the software company's stock worth $2,171,000 after acquiring an additional 22 shares in the last quarter. Eagle Strategies LLC increased its position in shares of Adobe by 1.5% in the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock worth $651,000 after purchasing an additional 22 shares during the last quarter. RB Capital Management LLC raised its stake in shares of Adobe by 0.4% in the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock valued at $2,198,000 after purchasing an additional 22 shares in the last quarter. Finally, Orin Green Financial LLC lifted its position in shares of Adobe by 3.8% during the fourth quarter. Orin Green Financial LLC now owns 621 shares of the software company's stock worth $276,000 after purchasing an additional 23 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities analysts recently commented on the company. Summit Redstone set a $410.00 price target on Adobe in a research note on Wednesday, March 19th. Citigroup lowered their price target on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a report on Monday, June 16th. BMO Capital Markets restated an "outperform" rating and set a $450.00 price objective on shares of Adobe in a research note on Friday, June 13th. Royal Bank Of Canada reissued an "outperform" rating and set a $480.00 target price on shares of Adobe in a report on Thursday, June 5th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Nine investment 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.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $496.75.
Read Our Latest Research Report on ADBE
Adobe Price Performance
Shares of NASDAQ ADBE traded up $5.21 during midday trading on Wednesday, reaching $387.55. The company's stock had a trading volume of 3,715,639 shares, compared to its average volume of 3,402,785. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The company has a market cap of $165.17 billion, a price-to-earnings ratio of 24.80, a price-to-earnings-growth ratio of 1.80 and a beta of 1.55. The company has a 50 day moving average price of $390.90 and a 200 day moving average price of $414.07. The company has a current ratio of 0.99, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54.
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 (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.80 billion. During the same quarter in the prior year, the company earned $4.48 earnings per share. The firm's revenue was up 10.6% on a year-over-year basis. On average, equities research analysts expect that Adobe Inc. will post 16.65 EPS for the current year.
Adobe Profile
(
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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