Madison Asset Management LLC Has $22.68 Million Position in Adobe Inc. (NASDAQ:ADBE)

Madison Asset Management LLC boosted its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 44.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 59,142 shares of the software company's stock after purchasing an additional 18,140 shares during the period. Madison Asset Management LLC's holdings in Adobe were worth $22,683,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of the company. Norges Bank bought a new position in shares of Adobe in the fourth quarter worth $2,553,035,000. GAMMA Investing LLC increased its holdings in shares of Adobe by 46,806.6% in the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock worth $1,147,049,000 after purchasing an additional 2,984,391 shares during the period. OVERSEA CHINESE BANKING Corp Ltd increased its holdings in shares of Adobe by 1,482.7% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company's stock worth $498,000 after purchasing an additional 1,216,351 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in shares of Adobe by 82.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock worth $937,291,000 after purchasing an additional 952,233 shares during the period. Finally, Two Sigma Advisers LP increased its holdings in shares of Adobe by 1,414.5% in the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock worth $395,321,000 after purchasing an additional 830,300 shares during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.

Analysts Set New Price Targets

A number of research analysts recently commented on the company. Stifel Nicolaus reduced their target price on Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a research note on Friday, June 13th. Royal Bank Of Canada restated an "outperform" rating and issued a $480.00 price objective on shares of Adobe in a report on Thursday, June 5th. UBS Group raised their target price on shares of Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a research note on Monday, June 9th. Jefferies Financial Group reduced their price target on shares of Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Finally, Citigroup dropped their price target on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a research note on Monday, June 16th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $473.88.

Adobe Trading Down 0.3%

NASDAQ ADBE traded down $0.95 on Friday, hitting $370.74. 2,041,507 shares of the company were exchanged, compared to its average volume of 3,768,140. The company's 50 day moving average price is $391.94 and its 200-day moving average price is $401.19. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market capitalization of $157.27 billion, a P/E ratio of 23.72, a price-to-earnings-growth ratio of 1.77 and a beta of 1.51. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping analysts' consensus estimates 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 quarter in the prior year, the company posted $4.48 earnings per share. The firm's revenue was up 10.6% on a year-over-year basis. 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.