Cornerstone Wealth Group LLC Purchases 7,990 Shares of Adobe Inc. (NASDAQ:ADBE)

Cornerstone Wealth Group LLC increased its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 105.3% during the first quarter, according to its most recent filing with the SEC. The institutional investor owned 15,579 shares of the software company's stock after purchasing an additional 7,990 shares during the period. Cornerstone Wealth Group LLC's holdings in Adobe were worth $5,975,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Geode Capital Management LLC boosted its position in shares of Adobe by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock valued at $4,739,788,000 after acquiring an additional 151,286 shares during the period. Norges Bank purchased a new stake in Adobe in the 4th quarter worth approximately $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Adobe by 12.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock valued at $2,375,345,000 after purchasing an additional 600,146 shares during the period. Northern Trust Corp grew its position in shares of Adobe by 14.5% during the 4th quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock valued at $2,363,125,000 after purchasing an additional 672,919 shares in the last quarter. Finally, Edgewood Management LLC grew its position in shares of Adobe by 20.7% during the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock valued at $1,805,009,000 after purchasing an additional 696,172 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

Adobe Trading Up 1.4%

Shares of ADBE traded up $5.21 during trading hours on Wednesday, hitting $387.55. The company had a trading volume of 3,715,639 shares, compared to its average volume of 3,402,790. The firm has a market cap of $165.17 billion, a P/E ratio of 24.80, a P/E/G ratio of 1.80 and a beta of 1.55. The stock's 50 day moving average price is $390.90 and its 200 day moving average price is $414.07. The company has a quick ratio of 1.18, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. 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 issued 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. The company had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. Adobe's quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the business posted $4.48 EPS. On average, research analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on ADBE shares. Evercore ISI reiterated an "outperform" rating and issued a $475.00 price objective on shares of Adobe in a research report on Friday, June 13th. KeyCorp raised Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. BMO Capital Markets reissued an "outperform" rating and set a $450.00 price objective on shares of Adobe in a report on Friday, June 13th. Stifel Nicolaus decreased their price objective on shares of Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a research report on Friday, June 13th. Finally, Bank of America raised their target price on shares of Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a research note on Friday, June 13th. Nine equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Adobe presently has an average rating of "Moderate Buy" and a consensus price target of $496.75.

About Adobe

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.