McCollum Christoferson Group LLC Grows Stake in Adobe Inc. (NASDAQ:ADBE)

Key Points

• McCollum Christoferson Group LLC increased its stake in Adobe Inc. by 12.8%, owning 7,614 shares worth approximately $2.92 million as of their latest SEC filing.
• Adobe’s stock experienced a 0.3% decline, trading at $370.74, with a twelve-month range between $332.01 and $587.75.
• The company reported an earnings per share (EPS) of $5.06 for the last quarter, beating analyst estimates and reflecting a 10.6% year-over-year revenue increase.

McCollum Christoferson Group LLC lifted its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 12.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,614 shares of the software company's stock after purchasing an additional 865 shares during the quarter. McCollum Christoferson Group LLC's holdings in Adobe were worth $2,920,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently modified their holdings of ADBE. Siemens Fonds Invest GmbH raised its position in Adobe by 252.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after buying an additional 39,888 shares during the last quarter. Barnes Dennig Private Wealth Management LLC purchased a new stake in shares of Adobe during the 1st quarter valued at about $26,000. SWAN Capital LLC purchased a new stake in shares of Adobe during the 4th quarter valued at about $28,000. Copia Wealth Management purchased a new stake in shares of Adobe during the 4th quarter valued at about $28,000. Finally, Summit Securities Group LLC purchased a new stake in shares of Adobe during the 4th quarter valued at about $31,000. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Trading Down 0.3%

Shares of Adobe stock traded down $0.95 during trading hours on Friday, hitting $370.74. The company's stock had a trading volume of 2,052,034 shares, compared to its average volume of 3,416,126. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The firm has a fifty day moving average of $391.01 and a 200-day moving average of $400.84. The stock has a market cap of $157.27 billion, a price-to-earnings ratio of 23.72, a P/E/G ratio of 1.76 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same quarter in the prior year, the company earned $4.48 EPS. Adobe's revenue was up 10.6% on a year-over-year basis. Research analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. DA Davidson reaffirmed a "buy" rating and set a $500.00 price target on shares of Adobe in a research report on Friday, June 20th. Redburn Atlantic downgraded Adobe from a "hold" rating to a "strong sell" rating and cut their price objective for the company from $420.00 to $280.00 in a research note on Wednesday, July 2nd. Mizuho cut their price objective on Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research note on Friday, June 13th. Stifel Nicolaus cut their price objective on Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a research note on Friday, June 13th. Finally, Wall Street Zen downgraded Adobe from a "buy" rating to a "hold" rating in a research note on Friday, July 18th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price 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.