Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Drive Wealth Management LLC

Key Points

• Drive Wealth Management LLC increased its stake in Adobe Inc. by 95.1% during the 1st quarter, holding 2,983 shares valued at $1,144,000 by the end of the period.
• Analysts have mixed opinions on Adobe, with a consensus rating of "Moderate Buy" and an average price target of $473.88, reflecting optimism despite some price target reductions.
• Adobe reported a quarterly earnings per share of $5.06, surpassing analysts' expectations, and achieved revenue of $5.87 billion, marking a 10.6% increase compared to the same quarter last year.

Drive Wealth Management LLC increased its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 95.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,983 shares of the software company's stock after acquiring an additional 1,454 shares during the quarter. Drive Wealth Management LLC's holdings in Adobe were worth $1,144,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Sepio Capital LP lifted its position in Adobe by 2.3% in the fourth quarter. Sepio Capital LP now owns 993 shares of the software company's stock valued at $442,000 after buying an additional 22 shares during the last quarter. Cadence Bank lifted its position in shares of Adobe by 0.5% during the fourth 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 lifted its position in shares of Adobe by 1.5% during the fourth 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 position in shares of Adobe by 0.4% during the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock worth $2,198,000 after purchasing an additional 22 shares in the last quarter. Finally, Orin Green Financial LLC lifted its position in shares of Adobe by 3.8% during the fourth quarter. Orin Green Financial LLC now owns 621 shares of the software company's stock worth $276,000 after purchasing an additional 23 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Price Performance

Adobe stock traded down $0.95 during midday trading on Friday, reaching $370.74. The company's stock had a trading volume of 2,052,034 shares, compared to its average volume of 3,416,126. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The stock's 50 day simple moving average is $391.01 and its 200 day simple moving average is $400.84. The firm has a market capitalization of $157.27 billion, a PE ratio of 23.72, a P/E/G ratio of 1.76 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last released its earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $5.80 billion. During the same quarter last year, the company earned $4.48 earnings per share. Adobe's quarterly revenue was up 10.6% compared to the same quarter last year. On average, equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Ratings Changes

Several analysts have recently issued reports on ADBE shares. Rothschild & Co Redburn cut shares of Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price target on the stock. in a research report on Wednesday, July 2nd. Redburn Atlantic cut shares of Adobe from a "hold" rating to a "strong sell" rating and reduced their price target for the stock from $420.00 to $280.00 in a research report on Wednesday, July 2nd. Piper Sandler reduced their price target on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Citigroup cut their target price on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a research note on Monday, June 16th. Finally, Oppenheimer cut their target price on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research note on Friday, June 13th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price 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.