Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Summit Trail Advisors LLC

Summit Trail Advisors LLC increased its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 36.2% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,719 shares of the software company's stock after purchasing an additional 2,583 shares during the quarter. Summit Trail Advisors LLC's holdings in Adobe were worth $3,728,000 at the end of the most recent quarter.

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

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the stock. 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 report on Friday, June 13th. Piper Sandler dropped their price objective on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Phillip Securities upgraded Adobe from a "moderate sell" rating to a "strong-buy" rating in a research report on Monday, June 16th. KeyCorp upgraded Adobe from an "underweight" rating to a "sector weight" rating in a research report on Friday, March 21st. Finally, Royal Bank Of Canada reissued an "outperform" rating and issued a $480.00 price target on shares of Adobe in a research note on Thursday, June 5th. Nine analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $496.75.

Adobe Stock Up 1.3%

NASDAQ ADBE traded up $5.22 on Tuesday, reaching $392.10. The company had a trading volume of 4,514,147 shares, compared to its average volume of 3,408,761. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The firm has a 50-day moving average of $394.10 and a 200-day moving average of $409.69. The firm has a market capitalization of $166.33 billion, a PE ratio of 25.09, a P/E/G ratio of 1.83 and a beta of 1.55.

Adobe (NASDAQ:ADBE - Get Free Report) last released 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 business had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. During the same period last year, the business earned $4.48 EPS. The business's revenue was up 10.6% on a year-over-year basis. On average, equities research analysts anticipate 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.