Shariaportfolio Inc. Increases Position in Adobe Inc. (NASDAQ:ADBE)

Shariaportfolio Inc. increased its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 94.0% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 6,527 shares of the software company's stock after buying an additional 3,163 shares during the quarter. Adobe comprises approximately 1.3% of Shariaportfolio Inc.'s portfolio, making the stock its 12th largest position. Shariaportfolio Inc.'s holdings in Adobe were worth $2,503,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in ADBE. Garde Capital Inc. acquired a new stake in Adobe in the 1st quarter valued at approximately $34,000. Arizona State Retirement System increased its holdings in Adobe by 0.4% in the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock valued at $56,784,000 after purchasing an additional 570 shares during the last quarter. Burling Wealth Partners LLC acquired a new stake in Adobe in the 4th quarter valued at approximately $1,173,000. Sound Income Strategies LLC increased its holdings in Adobe by 17.6% in the 1st quarter. Sound Income Strategies LLC now owns 308 shares of the software company's stock valued at $118,000 after purchasing an additional 46 shares during the last quarter. Finally, Horan Capital Advisors LLC. increased its holdings in Adobe by 2.4% in the 4th quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company's stock valued at $2,162,000 after purchasing an additional 114 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ADBE. Summit Redstone set a $410.00 target price on shares of Adobe in a report on Wednesday, March 19th. Piper Sandler dropped their target price on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Mizuho dropped their target price on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a report on Friday, June 13th. Morgan Stanley dropped their price target on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Finally, Robert W. Baird boosted their price target on shares of Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research note on Monday, June 16th. 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 MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $496.75.

Adobe Stock Performance

ADBE traded up $2.22 on Tuesday, reaching $382.34. The company had a trading volume of 4,794,607 shares, compared to its average volume of 3,401,527. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The stock has a market capitalization of $162.95 billion, a PE ratio of 24.46, a P/E/G ratio of 1.80 and a beta of 1.55. The company has a quick ratio of 1.18, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The stock has a 50-day moving average price of $390.90 and a 200-day moving average price of $414.07.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share 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 firm had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. During the same period in the previous year, the company earned $4.48 earnings per share. Adobe's quarterly revenue was up 10.6% compared to the same quarter last year. As a group, research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.