First Horizon Advisors Inc. Has $17.97 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

First Horizon Advisors Inc. lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 9.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 46,847 shares of the software company's stock after buying an additional 4,174 shares during the quarter. First Horizon Advisors Inc.'s holdings in Adobe were worth $17,967,000 at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of the business. Geode Capital Management LLC grew its position in shares of Adobe by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock worth $4,739,788,000 after buying an additional 151,286 shares during the period. Norges Bank acquired a new position in Adobe during the fourth quarter valued at approximately $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in Adobe by 12.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock valued at $2,375,345,000 after purchasing an additional 600,146 shares during the period. Northern Trust Corp grew its holdings in shares of Adobe by 14.5% in the 4th quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock valued at $2,363,125,000 after buying an additional 672,919 shares during the period. Finally, Edgewood Management LLC grew its holdings in shares of Adobe by 20.7% in the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock valued at $1,805,009,000 after buying an additional 696,172 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several research analyst reports. Bank of America boosted their price target on shares of Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a report on Friday, June 13th. KeyCorp raised Adobe from an "underweight" rating to a "sector weight" rating in a research note on Friday, March 21st. Wells Fargo & Company reiterated an "overweight" rating and issued a $470.00 price objective (up from $430.00) on shares of Adobe in a research report on Friday, June 13th. Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Finally, Citigroup decreased their price objective on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a research report on Monday, June 16th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, Adobe presently has a consensus rating of "Moderate Buy" and a consensus price target of $480.08.

Adobe Stock Up 0.3%

NASDAQ ADBE traded up $1.09 during trading hours on Friday, hitting $379.56. 2,863,680 shares of the company traded hands, compared to its average volume of 3,430,343. The business's 50-day moving average is $396.09 and its 200-day moving average is $408.27. Adobe Inc. has a twelve month low of $332.01 and a twelve month 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 has a market capitalization of $161.01 billion, a price-to-earnings ratio of 24.28, a P/E/G ratio of 1.80 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating the consensus estimate of $4.97 by $0.09. The company had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $4.48 EPS. Sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Adobe 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.