Capital Investment Counsel Inc Has $11.23 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Capital Investment Counsel Inc boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 68.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 29,282 shares of the software company's stock after buying an additional 11,886 shares during the quarter. Adobe comprises 1.7% of Capital Investment Counsel Inc's portfolio, making the stock its 9th biggest holding. Capital Investment Counsel Inc's holdings in Adobe were worth $11,231,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in ADBE. Sepio Capital LP increased its stake in Adobe by 2.3% in the 4th quarter. Sepio Capital LP now owns 993 shares of the software company's stock worth $442,000 after buying an additional 22 shares in the last quarter. Cadence Bank lifted its stake in Adobe by 0.5% in the fourth quarter. Cadence Bank now owns 4,883 shares of the software company's stock worth $2,171,000 after purchasing an additional 22 shares during the last quarter. Eagle Strategies LLC lifted its stake in Adobe by 1.5% in the fourth 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 increased its position in shares of Adobe by 0.4% during the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock worth $2,198,000 after acquiring an additional 22 shares during the period. Finally, Orin Green Financial LLC grew its position in shares of Adobe by 3.8% during the 4th quarter. Orin Green Financial LLC now owns 621 shares of the software company's stock worth $276,000 after buying an additional 23 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

Analyst Ratings Changes

Several brokerages recently issued reports on ADBE. UBS Group lifted their price objective on shares of Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a report on Monday, June 9th. Mizuho cut their price target on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. JPMorgan Chase & Co. lowered their price objective on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Summit Redstone set a $410.00 price objective on shares of Adobe in a research note on Wednesday, March 19th. Finally, Wells Fargo & Company restated an "overweight" rating and set a $470.00 target price (up from $430.00) on shares of Adobe in a research report on Friday, June 13th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $480.08.

Adobe Stock Up 0.3%

Shares of ADBE traded up $1.09 during trading hours on Thursday, reaching $379.56. The stock had a trading volume of 2,863,680 shares, compared to its average volume of 3,430,343. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The firm has a 50-day simple moving average of $395.48 and a 200 day simple moving average of $409.36. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The company has a market capitalization of $161.01 billion, a price-to-earnings ratio of 24.28, a P/E/G ratio of 1.79 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its 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. 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 revenue was up 10.6% compared to the same quarter last year. During the same period last year, the firm posted $4.48 EPS. Equities research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.