Hardy Reed LLC raised its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 60.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,880 shares of the software company's stock after purchasing an additional 2,211 shares during the period. Hardy Reed LLC's holdings in Adobe were worth $2,255,000 at the end of the most recent quarter.
Other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC raised its position in shares of Adobe by 2.1% in the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock valued at $3,588,000 after buying an additional 167 shares in the last quarter. Bank Pictet & Cie Europe AG raised its position in shares of Adobe by 2.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock valued at $12,882,000 after buying an additional 756 shares in the last quarter. GHE LLC raised its position in shares of Adobe by 2.9% in the 4th quarter. GHE LLC now owns 23,577 shares of the software company's stock valued at $10,484,000 after buying an additional 670 shares in the last quarter. Proficio Capital Partners LLC raised its position in shares of Adobe by 85.8% in the 4th quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company's stock valued at $1,043,000 after buying an additional 1,083 shares in the last quarter. Finally, Harbour Investments Inc. raised its position in shares of Adobe by 1.8% in the 4th quarter. Harbour Investments Inc. now owns 3,457 shares of the software company's stock valued at $1,537,000 after buying an additional 60 shares in the last quarter. Institutional investors own 81.79% of the company's stock.
Wall Street Analyst Weigh In
Several brokerages have recently commented on ADBE. Robert W. Baird boosted 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. Evercore ISI restated an "outperform" rating and issued a $475.00 target price on shares of Adobe in a research report on Friday, June 13th. UBS Group boosted their target price on shares of Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a research report on Monday, June 9th. Morgan Stanley dropped their target price on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Finally, Mizuho lowered their price objective on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $473.88.
View Our Latest Stock Report on Adobe
Adobe Trading Down 0.2%
ADBE traded down $0.66 during trading on Friday, reaching $365.79. 2,445,698 shares of the company's stock were exchanged, compared to its average volume of 3,468,844. The firm has a fifty day moving average price of $394.55 and a two-hundred day moving average price of $403.55. 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 Inc. has a one year low of $332.01 and a one year high of $587.75. The stock has a market capitalization of $155.17 billion, a PE ratio of 23.40, a price-to-earnings-growth ratio of 1.72 and a beta of 1.51.
Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $5.80 billion. During the same period in the prior year, the firm posted $4.48 EPS. The company's quarterly revenue was up 10.6% on a year-over-year basis. As a group, equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.
Adobe Company 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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