Krane Funds Advisors LLC Grows Stake in Adobe Inc. (NASDAQ:ADBE)

Krane Funds Advisors LLC lifted its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 110.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,391 shares of the software company's stock after purchasing an additional 730 shares during the quarter. Krane Funds Advisors LLC's holdings in Adobe were worth $533,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Siemens Fonds Invest GmbH boosted its holdings in Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after acquiring an additional 39,888 shares in the last quarter. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Adobe in the 1st quarter worth about $26,000. SWAN Capital LLC purchased a new position in shares of Adobe in the 4th quarter worth about $28,000. Copia Wealth Management bought a new position in Adobe in the 4th quarter worth about $28,000. Finally, Summit Securities Group LLC purchased a new stake in Adobe during the 4th quarter valued at about $31,000. Hedge funds and other institutional investors own 81.79% of the company's stock.

Analyst Upgrades and Downgrades

ADBE has been the subject of several recent analyst reports. UBS Group lifted their target price on shares of Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a report on Monday, June 9th. Citigroup reduced their price target 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. DA Davidson restated a "buy" rating and issued a $500.00 price objective on shares of Adobe in a report on Friday, June 20th. Rothschild & Co Redburn downgraded Adobe from a "neutral" rating to a "sell" rating and set a $280.00 target price on the stock. in a research note on Wednesday. Finally, 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. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Adobe has a consensus rating of "Moderate Buy" and a consensus price target of $480.08.

Adobe Trading Down 3.5%

Shares of ADBE traded down $13.63 during mid-day trading on Wednesday, reaching $378.47. 6,906,864 shares of the company's stock traded hands, compared to its average volume of 3,424,065. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The stock has a market cap of $160.55 billion, a P/E ratio of 24.21, a P/E/G ratio of 1.83 and a beta of 1.51. The stock's 50-day moving average is $394.95 and its two-hundred day moving average is $409.57.

Adobe (NASDAQ:ADBE - Get Free Report) last released its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share 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 business had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same quarter last year, the firm posted $4.48 earnings per share. The business's revenue was up 10.6% compared to the same quarter last year. Research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.