GFG Capital LLC Grows Position in Adobe Inc. (NASDAQ:ADBE)

GFG Capital LLC increased its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 28.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,162 shares of the software company's stock after buying an additional 1,355 shares during the quarter. GFG Capital LLC's holdings in Adobe were worth $2,363,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Copia Wealth Management bought a new stake in shares of Adobe during the fourth quarter worth $28,000. SWAN Capital LLC purchased a new position in shares of Adobe during the 4th quarter valued at approximately $28,000. Barnes Dennig Private Wealth Management LLC purchased a new position in Adobe in the 1st quarter valued at $26,000. Summit Securities Group LLC acquired a new stake in shares of Adobe in the 4th quarter worth $31,000. Finally, Bernard Wealth Management Corp. acquired a new stake in shares of Adobe in the 4th quarter worth $36,000. 81.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

ADBE has been the subject of a number of recent analyst reports. DA Davidson reissued a "buy" rating and set a $500.00 price objective on shares of Adobe in a research report on Friday, June 20th. Piper Sandler decreased their target price on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. KeyCorp upgraded Adobe from an "underweight" rating to a "sector weight" rating in a research note on Friday, March 21st. Finally, Oppenheimer cut their price target on Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a research note on Friday, June 13th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $480.08.

Adobe Price Performance

Shares of ADBE traded down $8.86 during trading hours on Wednesday, reaching $373.38. 4,721,427 shares of the company traded hands, compared to its average volume of 3,441,241. 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 market capitalization of $158.39 billion, a PE ratio of 23.89, a price-to-earnings-growth ratio of 1.79 and a beta of 1.51. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The stock has a fifty day simple moving average of $396.48 and a 200 day simple moving average of $407.17.

Adobe (NASDAQ:ADBE - Get Free Report) last released its 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. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. During the same period in the prior year, the business posted $4.48 earnings per share. The firm's revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, research analysts predict that Adobe Inc. will post 16.65 EPS 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.