Saturna Capital Corp Buys 2,335 Shares of Adobe Inc. (NASDAQ:ADBE)

Saturna Capital Corp raised its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 0.7% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 341,560 shares of the software company's stock after buying an additional 2,335 shares during the quarter. Adobe comprises about 2.0% of Saturna Capital Corp's holdings, making the stock its 20th largest position. Saturna Capital Corp owned approximately 0.08% of Adobe worth $130,999,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in ADBE. Copia Wealth Management purchased a new position in Adobe in the 4th quarter valued at about $28,000. SWAN Capital LLC purchased a new position in Adobe in the fourth quarter valued at approximately $28,000. Barnes Dennig Private Wealth Management LLC acquired a new stake in Adobe in the first quarter valued at approximately $26,000. Summit Securities Group LLC acquired a new stake in Adobe in the fourth quarter valued at approximately $31,000. Finally, Bernard Wealth Management Corp. acquired a new stake in Adobe in the fourth quarter valued at approximately $36,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have recently weighed in on ADBE. Piper Sandler decreased their price target on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Citigroup decreased their price target on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a research report on Monday, June 16th. Stifel Nicolaus decreased their price target on shares of Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a research report on Friday, June 13th. Redburn Atlantic downgraded shares of Adobe from a "hold" rating to a "strong sell" rating and decreased their price target for the stock from $420.00 to $280.00 in a research report on Wednesday, July 2nd. Finally, Rothschild & Co Redburn cut Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price objective on the stock. in a research note on Wednesday, July 2nd. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $473.88.

Adobe Stock Down 0.2%

ADBE stock traded down $0.66 during mid-day trading on Friday, reaching $365.79. The company had a trading volume of 2,445,698 shares, compared to its average volume of 3,477,489. 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 stock has a 50 day simple moving average of $394.20 and a two-hundred day simple moving average of $402.72. The company has a market capitalization of $155.17 billion, a price-to-earnings ratio of 23.40, a PEG ratio of 1.73 and a beta of 1.51. Adobe Inc. has a 52 week low of $332.01 and a 52 week 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 earnings per share (EPS) for the quarter, beating 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 company had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. During the same period last year, the firm posted $4.48 earnings per share. The business's revenue was up 10.6% on a year-over-year basis. As a group, equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Adobe Company 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.