Adobe Inc. (NASDAQ:ADBE) Shares Bought by Baker Avenue Asset Management LP

Key Points

• Baker Avenue Asset Management LP increased its stake in Adobe Inc. by 241.5%, acquiring a total of 2,524 shares valued at approximately $968,000.
• Adobe reported $5.06 earnings per share, exceeding the consensus estimate by $0.09, and saw a year-over-year revenue increase of 10.6%, totaling $5.87 billion.
• Analysts have mixed ratings on Adobe, with target prices ranging from $280.00 to $530.00, resulting in an average rating of "Moderate Buy" and a consensus price target of $473.88.

Baker Avenue Asset Management LP raised its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 241.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,524 shares of the software company's stock after purchasing an additional 1,785 shares during the period. Baker Avenue Asset Management LP's holdings in Adobe were worth $968,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Garde Capital Inc. acquired a new stake in Adobe in the 1st quarter valued at about $34,000. PFG Advisors raised its position in Adobe by 20.8% in the 1st quarter. PFG Advisors now owns 4,964 shares of the software company's stock valued at $1,904,000 after purchasing an additional 855 shares in the last quarter. Krane Funds Advisors LLC raised its position in Adobe by 110.4% in the 1st quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company's stock valued at $533,000 after purchasing an additional 730 shares in the last quarter. Burling Wealth Partners LLC acquired a new stake in shares of Adobe during the 4th quarter worth about $1,173,000. Finally, Financial Counselors Inc. lifted its stake in Adobe by 9.2% during the first quarter. Financial Counselors Inc. now owns 62,851 shares of the software company's stock worth $24,105,000 after purchasing an additional 5,298 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Trading Down 2.8%

Shares of ADBE stock opened at $347.80 on Friday. The business's 50 day moving average is $385.72 and its two-hundred day moving average is $398.94. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The company has a market capitalization of $147.54 billion, a P/E ratio of 22.25, a price-to-earnings-growth ratio of 1.65 and a beta of 1.52. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $5.80 billion. During the same period last year, the business posted $4.48 EPS. The company's revenue was up 10.6% on a year-over-year basis. Equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. UBS Group boosted their target price on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research note on Monday, June 9th. Oppenheimer dropped their target price on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research report on Friday, June 13th. Robert W. Baird increased their target price on shares of Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research report on Monday, June 16th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $480.00 target price on shares of Adobe in a research report on Thursday, June 5th. Finally, Redburn Atlantic downgraded shares of Adobe from a "hold" rating to a "strong sell" rating and dropped their target price for the company from $420.00 to $280.00 in a research report on Wednesday, July 2nd. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $473.88.

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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