National Pension Service Increases Position in Adobe Inc. (NASDAQ:ADBE)

Key Points

• National Pension Service increased its stake in Adobe Inc. by 5.9%, owning 928,524 shares valued at approximately $356 million.
• Adobe reported a quarterly earnings per share of $5.06, surpassing expectations and showing a 10.6% year-over-year revenue growth.
• Wall Street analysts have varied opinions on Adobe, with target prices ranging from $280 to $600, indicating a mix of optimism and caution about the stock's future.

National Pension Service grew its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 5.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 928,524 shares of the software company's stock after buying an additional 51,569 shares during the quarter. National Pension Service owned 0.22% of Adobe worth $356,117,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the company. Cadence Bank lifted its holdings in shares of Adobe by 0.5% in the fourth quarter. Cadence Bank now owns 4,883 shares of the software company's stock valued at $2,171,000 after purchasing an additional 22 shares in the last quarter. Eagle Strategies LLC raised its holdings in 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 acquiring an additional 22 shares in the last quarter. RB Capital Management LLC raised its holdings in 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 acquiring an additional 22 shares in the last quarter. Orin Green Financial LLC raised its holdings in 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 acquiring an additional 23 shares in the last quarter. Finally, Diligent Investors LLC raised its holdings in Adobe by 1.2% during the fourth quarter. Diligent Investors LLC now owns 2,160 shares of the software company's stock worth $961,000 after acquiring an additional 26 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Wall Street Analyst Weigh In

ADBE has been the topic of several research analyst reports. UBS Group upped their price objective on Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a research note on Monday, June 9th. Phillip Securities raised Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday, June 16th. Citigroup dropped their price target on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a research note on Monday, June 16th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $480.00 target price on shares of Adobe in a research report on Thursday, June 5th. Finally, Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Adobe has a consensus rating of "Moderate Buy" and a consensus price target of $467.58.

Adobe Stock Performance

NASDAQ ADBE traded down $2.49 during mid-day trading on Thursday, reaching $348.58. 3,742,921 shares of the stock were exchanged, compared to its average volume of 3,801,085. The business's 50 day moving average is $374.41 and its 200-day moving average is $394.07. Adobe Inc. has a 1 year low of $330.04 and a 1 year high of $587.75. The company has a market capitalization of $147.87 billion, a P/E ratio of 22.30, a P/E/G ratio of 1.60 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99.

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