Davis Capital Management Has $1.37 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Davis Capital Management boosted its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 23.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 3,567 shares of the software company's stock after purchasing an additional 666 shares during the period. Adobe makes up about 1.1% of Davis Capital Management's portfolio, making the stock its 27th largest holding. Davis Capital Management's holdings in Adobe were worth $1,368,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Sepio Capital LP lifted its holdings in Adobe by 2.3% in the 4th quarter. Sepio Capital LP now owns 993 shares of the software company's stock valued at $442,000 after acquiring an additional 22 shares during the last quarter. Cadence Bank raised its holdings in shares of Adobe by 0.5% in the 4th quarter. Cadence Bank now owns 4,883 shares of the software company's stock worth $2,171,000 after purchasing an additional 22 shares in the last quarter. Eagle Strategies LLC raised its holdings in shares of Adobe by 1.5% in the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock worth $651,000 after purchasing an additional 22 shares in the last quarter. RB Capital Management LLC lifted its stake in Adobe by 0.4% during the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock valued at $2,198,000 after purchasing an additional 22 shares during the last quarter. Finally, Atlantic Edge Private Wealth Management LLC boosted its holdings in Adobe by 0.4% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 5,406 shares of the software company's stock worth $2,404,000 after buying an additional 23 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Stock Up 0.4%

ADBE traded up $1.72 during midday trading on Friday, hitting $416.92. 2,143,071 shares of the company's stock traded hands, compared to its average volume of 3,406,587. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The company has a market cap of $177.69 billion, a PE ratio of 33.62, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The stock's fifty day simple moving average is $380.73 and its 200-day simple moving average is $425.81. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts' consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter last year, the firm earned $4.48 EPS. As a group, equities analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.16% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on ADBE shares. BMO Capital Markets cut their price objective on Adobe from $495.00 to $450.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. JPMorgan Chase & Co. reduced their target price on Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. DA Davidson decreased their price target on Adobe from $600.00 to $450.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Jefferies Financial Group cut their price objective on Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Finally, KeyCorp upgraded shares of Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. Eleven research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, Adobe currently has a consensus rating of "Moderate Buy" and a consensus target price of $502.88.

Adobe Company Profile

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.