Tritonpoint Wealth LLC increased its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 512.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,959 shares of the software company's stock after buying an additional 8,334 shares during the period. Tritonpoint Wealth LLC's holdings in Adobe were worth $3,820,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently bought and sold shares of ADBE. Siemens Fonds Invest GmbH lifted its stake in Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after buying an additional 39,888 shares in the last quarter. SWAN Capital LLC acquired a new position in shares of Adobe in the fourth quarter valued at $28,000. Copia Wealth Management bought a new stake in shares of Adobe in the fourth quarter valued at about $28,000. Summit Securities Group LLC bought a new stake in shares of Adobe in the fourth quarter valued at about $31,000. Finally, Bernard Wealth Management Corp. bought a new stake in shares of Adobe in the fourth quarter valued at about $36,000. 81.79% of the stock is owned by institutional investors.
Adobe Stock Down 5.3%
Shares of ADBE traded down $22.00 during trading hours on Friday, reaching $391.68. The stock had a trading volume of 10,618,205 shares, compared to its average volume of 3,381,385. The company has a market capitalization of $166.93 billion, a price-to-earnings ratio of 31.59, a P/E/G ratio of 2.15 and a beta of 1.55. The firm has a 50-day simple moving average of $386.76 and a 200 day simple moving average of $421.08. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.
Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. During the same period last year, the company earned $4.48 earnings per share. Equities research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.
Insider Buying and Selling
In other news, CFO Daniel Durn bought 1,300 shares of the company's stock in a transaction that occurred on Thursday, March 20th. The stock was bought at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at $11,668,968.08. This represents a 4.55% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.16% of the stock is currently owned by corporate insiders.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently issued reports on the stock. BMO Capital Markets reissued an "outperform" rating and issued a $450.00 target price on shares of Adobe in a research report on Friday. Redburn Atlantic assumed coverage on shares of Adobe in a research report on Wednesday, February 19th. They set a "neutral" rating for the company. Royal Bank of Canada reaffirmed an "outperform" rating and set a $480.00 price objective on shares of Adobe in a research report on Thursday, June 5th. DA Davidson cut their price objective on shares of Adobe from $600.00 to $450.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a research report on Thursday, March 13th. Nine investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $494.67.
Check Out Our Latest Analysis on ADBE
Adobe Profile
(
Free Report)
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.
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