Adobe Inc. (NASDAQ:ADBE) Stock Position Increased by Dakota Wealth Management

Dakota Wealth Management raised its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 16.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 19,414 shares of the software company's stock after buying an additional 2,699 shares during the quarter. Dakota Wealth Management's holdings in Adobe were worth $7,446,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the stock. Garde Capital Inc. acquired a new stake in Adobe during the 1st quarter worth approximately $34,000. Krane Funds Advisors LLC increased its position in shares of Adobe by 110.4% during the first 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 period. Burling Wealth Partners LLC acquired a new stake in shares of Adobe in the fourth quarter valued at $1,173,000. Financial Counselors Inc. boosted its holdings in Adobe by 9.2% in the first 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 during the period. Finally, Summit Trail Advisors LLC boosted its holdings in Adobe by 36.2% in the first quarter. Summit Trail Advisors LLC now owns 9,719 shares of the software company's stock valued at $3,728,000 after purchasing an additional 2,583 shares during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on ADBE shares. Bank of America boosted their price objective on Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a research report on Friday, June 13th. Oppenheimer lowered their price target on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a report on Friday, June 13th. DA Davidson restated a "buy" rating and issued a $500.00 price objective on shares of Adobe in a report on Friday, June 20th. Summit Redstone set a $410.00 price objective on shares of Adobe in a research report on Wednesday, March 19th. Finally, KeyCorp raised Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Adobe currently has a consensus rating of "Moderate Buy" and a consensus price target of $473.88.

Adobe Trading Down 0.8%

Shares of ADBE traded down $2.81 during mid-day trading on Tuesday, reaching $364.18. The company had a trading volume of 2,548,012 shares, compared to its average volume of 3,460,579. The stock has a market cap of $154.49 billion, a price-to-earnings ratio of 23.30, a price-to-earnings-growth ratio of 1.74 and a beta of 1.51. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The firm has a fifty day simple moving average of $395.36 and a 200-day simple moving average of $404.39. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.80 billion. During the same quarter in the previous year, the firm posted $4.48 earnings per share. The firm's quarterly revenue was up 10.6% on a year-over-year basis. On average, sell-side 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.