Adobe Inc. (NASDAQ:ADBE) Shares Bought by Alps Advisors Inc.

Alps Advisors Inc. grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 25.2% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 8,639 shares of the software company's stock after purchasing an additional 1,740 shares during the period. Alps Advisors Inc.'s holdings in Adobe were worth $3,313,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Siemens Fonds Invest GmbH raised its holdings in shares of Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after purchasing an additional 39,888 shares during the period. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Adobe during the first quarter worth about $26,000. SWAN Capital LLC bought a new position in shares of Adobe during the fourth quarter worth about $28,000. Copia Wealth Management bought a new position in shares of Adobe during the fourth quarter worth about $28,000. Finally, Summit Securities Group LLC bought a new position in shares of Adobe during the fourth quarter worth about $31,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently commented on the stock. DA Davidson restated a "buy" rating and set a $500.00 price target on shares of Adobe in a research report on Friday, June 20th. Oppenheimer lowered 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. Bank of America upped their price target on shares of Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a research report on Friday, June 13th. Piper Sandler lowered 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. Finally, KeyCorp upgraded shares of Adobe from an "underweight" rating to a "sector weight" rating in a research report on Friday, March 21st. Two equities 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, the company presently has an average rating of "Moderate Buy" and an average target price of $480.08.

Adobe Stock Performance

NASDAQ:ADBE opened at $363.35 on Friday. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The company has a 50-day moving average of $396.03 and a 200-day moving average of $405.83. The firm has a market cap of $154.13 billion, a price-to-earnings ratio of 23.25, a price-to-earnings-growth ratio of 1.76 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping 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 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 company posted $4.48 earnings per share. The business's revenue for the quarter was up 10.6% on a year-over-year basis. Analysts forecast 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.

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