Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Freestone Capital Holdings LLC

Key Points

• Freestone Capital Holdings LLC increased its holdings in Adobe Inc. by 11.2% in the first quarter, owning 22,799 shares valued at $8.74 million.
• Several institutional investors reported significant increases in their positions, including GAMMA Investing LLC with a 46,806.6% increase, now owning around $1.15 billion in shares.
• Adobe's earnings report showed an EPS of $5.06, exceeding analyst estimates, with revenue of $5.87 billion for the quarter, reflecting a 10.6% year-over-year increase.

Freestone Capital Holdings LLC increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 11.2% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 22,799 shares of the software company's stock after purchasing an additional 2,290 shares during the quarter. Freestone Capital Holdings LLC's holdings in Adobe were worth $8,744,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ADBE. GAMMA Investing LLC increased its position in Adobe by 46,806.6% during the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock worth $1,147,049,000 after purchasing an additional 2,984,391 shares in the last quarter. Goldman Sachs Group Inc. grew its position in Adobe by 68.3% in the first quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company's stock valued at $1,754,954,000 after acquiring an additional 1,856,544 shares in the last quarter. Nuveen LLC acquired a new stake in Adobe in the first quarter valued at approximately $607,443,000. OVERSEA CHINESE BANKING Corp Ltd grew its position in Adobe by 1,482.7% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company's stock valued at $498,000 after acquiring an additional 1,216,351 shares in the last quarter. Finally, Two Sigma Advisers LP grew its position in Adobe by 1,414.5% in the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock valued at $395,321,000 after acquiring an additional 830,300 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Stock Performance

ADBE stock opened at $354.85 on Friday. 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 $150.53 billion, a price-to-earnings ratio of 22.70, a PEG ratio of 1.68 and a beta of 1.51. Adobe Inc. has a 1 year low of $330.04 and a 1 year high of $587.75. The stock's fifty day moving average is $371.84 and its two-hundred day moving average is $392.50.

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

Analyst Ratings Changes

ADBE has been the subject of several recent research reports. Citigroup lowered their price objective on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a research report on Monday, June 16th. Redburn Atlantic downgraded shares of Adobe from a "hold" rating to a "strong sell" rating and lowered their price objective for the company from $420.00 to $280.00 in a research report on Wednesday, July 2nd. Oppenheimer lowered their price objective on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. Rothschild & Co Redburn downgraded shares of Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price target for the company. in a research report on Wednesday, July 2nd. Finally, Robert W. Baird lifted their price target on shares of Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research note on Monday, June 16th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $467.58.

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.

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