GFG Capital LLC Boosts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

GFG Capital LLC increased its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 28.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 6,162 shares of the software company's stock after purchasing an additional 1,355 shares during the period. GFG Capital LLC's holdings in Adobe were worth $2,363,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Garde Capital Inc. acquired a new stake in shares of Adobe during the first quarter valued at about $34,000. Krane Funds Advisors LLC increased its position in shares of Adobe by 110.4% during the first quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company's stock valued at $533,000 after acquiring an additional 730 shares during the last quarter. Burling Wealth Partners LLC acquired a new stake in shares of Adobe during the fourth quarter valued at about $1,173,000. Financial Counselors Inc. increased its position in shares of Adobe by 9.2% during the first quarter. Financial Counselors Inc. now owns 62,851 shares of the software company's stock valued at $24,105,000 after acquiring an additional 5,298 shares during the last quarter. Finally, Summit Trail Advisors LLC increased its position in shares of Adobe by 36.2% during the first quarter. Summit Trail Advisors LLC now owns 9,719 shares of the software company's stock valued at $3,728,000 after acquiring an additional 2,583 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the stock. Wall Street Zen upgraded shares of Adobe from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Oppenheimer dropped their price target on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. Rothschild & Co Redburn cut shares of Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price target for the company. in a research report on Wednesday, July 2nd. Mizuho dropped their price objective on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a report on Friday, June 13th. Finally, Piper Sandler dropped their price objective on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $480.08.

Adobe Stock Down 0.2%

Shares of NASDAQ:ADBE traded down $0.83 during trading on Thursday, hitting $372.55. 1,829,856 shares of the company were exchanged, compared to its average volume of 3,840,478. The stock has a market capitalization of $158.04 billion, a P/E ratio of 23.84, a PEG ratio of 1.81 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The firm's 50 day moving average price is $396.44 and its 200-day moving average price is $406.94.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating the consensus estimate of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The firm had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same quarter in the prior year, the firm earned $4.48 EPS. Adobe's revenue for the quarter was up 10.6% on a year-over-year basis. On average, 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.