1776 Wealth LLC Purchases 871 Shares of Adobe Inc. (NASDAQ:ADBE)

1776 Wealth LLC lifted its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 2.6% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 33,933 shares of the software company's stock after buying an additional 871 shares during the quarter. Adobe makes up about 6.0% of 1776 Wealth LLC's investment portfolio, making the stock its 3rd largest position. 1776 Wealth LLC's holdings in Adobe were worth $13,014,000 as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. Garde Capital Inc. purchased a new stake in shares of Adobe in the first quarter valued at $34,000. Krane Funds Advisors LLC grew its holdings in shares of Adobe by 110.4% in the first quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company's stock worth $533,000 after purchasing an additional 730 shares during the last quarter. Burling Wealth Partners LLC bought a new position in shares of Adobe in the fourth quarter worth about $1,173,000. Financial Counselors Inc. grew its holdings in shares of Adobe by 9.2% in the first quarter. Financial Counselors Inc. now owns 62,851 shares of the software company's stock worth $24,105,000 after purchasing an additional 5,298 shares during the last quarter. Finally, Summit Trail Advisors LLC grew its holdings in shares of Adobe by 36.2% in the first quarter. Summit Trail Advisors LLC now owns 9,719 shares of the software company's stock worth $3,728,000 after purchasing an additional 2,583 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Stock Up 0.1%

Shares of Adobe stock traded up $0.50 on Thursday, reaching $372.96. 1,358,683 shares of the company were exchanged, compared to its average volume of 3,774,363. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The company has a market cap of $158.21 billion, a P/E ratio of 23.86, a price-to-earnings-growth ratio of 1.77 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The stock's 50 day moving average price is $392.60 and its 200-day moving average price is $401.60.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.09. The firm 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%. The firm's revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.48 earnings per share. As a group, equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several recent research reports. Wells Fargo & Company reiterated an "overweight" rating and set a $470.00 target price (up from $430.00) on shares of Adobe in a report on Friday, June 13th. BMO Capital Markets reiterated an "outperform" rating and set a $450.00 target price on shares of Adobe in a report on Friday, June 13th. Royal Bank Of Canada reiterated an "outperform" rating and set a $480.00 target price on shares of Adobe in a report on Thursday, June 5th. Jefferies Financial Group dropped their target price on shares of Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Finally, Redburn Atlantic cut shares of Adobe from a "hold" rating to a "strong sell" rating and dropped their target price for the stock from $420.00 to $280.00 in a report on Wednesday, July 2nd. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $473.88.

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.