Adobe Inc. (NASDAQ:ADBE) Shares Bought by AE Wealth Management LLC

AE Wealth Management LLC grew its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 12.8% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,710 shares of the software company's stock after purchasing an additional 3,153 shares during the period. AE Wealth Management LLC's holdings in Adobe were worth $10,628,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Garde Capital Inc. bought a new stake in shares of Adobe during the 1st quarter worth approximately $34,000. PFG Advisors lifted its stake in shares of Adobe by 20.8% during the 1st quarter. PFG Advisors now owns 4,964 shares of the software company's stock worth $1,904,000 after acquiring an additional 855 shares during the last quarter. Krane Funds Advisors LLC lifted its stake in shares of Adobe by 110.4% during the 1st quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company's stock worth $533,000 after acquiring an additional 730 shares during the last quarter. Burling Wealth Partners LLC bought a new stake in Adobe during the 4th quarter valued at $1,173,000. Finally, Financial Counselors Inc. raised its position in Adobe by 9.2% during the 1st quarter. Financial Counselors Inc. now owns 62,851 shares of the software company's stock valued at $24,105,000 after purchasing an additional 5,298 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on ADBE. Rothschild & Co Redburn lowered Adobe from a "neutral" rating to a "sell" rating and set a $280.00 target price for the company. in a research report on Wednesday, July 2nd. Phillip Securities raised Adobe from a "moderate sell" rating to a "strong-buy" rating in a research report on Monday, June 16th. Jefferies Financial Group decreased their target price on Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research report on Monday, March 31st. Bank of America lifted their target price on Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a research report on Friday, June 13th. Finally, DA Davidson reaffirmed a "buy" rating and set a $500.00 target price on shares of Adobe in a research report on Friday, June 20th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $473.88.

Adobe Stock Performance

Adobe stock traded down $0.95 during trading hours on Friday, hitting $370.74. 2,052,034 shares of the stock traded hands, compared to its average volume of 3,772,122. 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 firm's 50 day moving average price is $391.94 and its 200-day moving average price is $401.19. The stock has a market capitalization of $157.27 billion, a price-to-earnings ratio of 23.72, a P/E/G ratio of 1.77 and a beta of 1.51. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping analysts' consensus estimates 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 the consensus estimate of $5.80 billion. During the same quarter in the prior year, the business earned $4.48 earnings per share. The company's revenue was up 10.6% compared to the same quarter last year. As a group, equities analysts expect 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.