Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Norden Group LLC

Key Points

• Norden Group LLC increased its stake in Adobe Inc. by 8.2% during the first quarter, bringing its total holdings to 14,682 shares valued at approximately $5.6 million.
• Several other investors also adjusted their positions, with notable increases from PFG Advisors (up 20.8%) and Krane Funds Advisors (up 110.4%), emphasizing strong institutional interest in Adobe.
• Despite some research firms lowering their price targets, Adobe maintained a consensus rating of "Moderate Buy" from analysts, with a current price target of $473.88.

Norden Group LLC lifted its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 8.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,682 shares of the software company's stock after purchasing an additional 1,112 shares during the quarter. Adobe makes up 0.6% of Norden Group LLC's investment portfolio, making the stock its 28th biggest holding. Norden Group LLC's holdings in Adobe were worth $5,631,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Garde Capital Inc. acquired a new stake in Adobe during the 1st quarter worth approximately $34,000. PFG Advisors lifted its position in Adobe by 20.8% during the 1st quarter. PFG Advisors now owns 4,964 shares of the software company's stock worth $1,904,000 after acquiring an additional 855 shares during the period. Krane Funds Advisors LLC lifted its position in Adobe by 110.4% during the 1st quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company's stock worth $533,000 after acquiring an additional 730 shares during the period. Burling Wealth Partners LLC acquired a new stake in Adobe during the 4th quarter worth approximately $1,173,000. Finally, Financial Counselors Inc. lifted its position in Adobe by 9.2% during the 1st quarter. Financial Counselors Inc. now owns 62,851 shares of the software company's stock worth $24,105,000 after acquiring an additional 5,298 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently commented on ADBE. JMP Securities reissued a "market perform" rating on shares of Adobe in a report on Monday, June 23rd. Morgan Stanley reduced their price target on Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. UBS Group raised their price target on Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a report on Monday, June 9th. Stifel Nicolaus reduced their price target on Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a report on Friday, June 13th. Finally, Jefferies Financial Group reduced their price target on Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a report on Monday, March 31st. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $473.88.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $370.74 on Monday. The company has a market cap of $157.27 billion, a P/E ratio of 23.72, a P/E/G ratio of 1.76 and a beta of 1.51. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The business has a fifty day simple moving average of $391.01 and a 200-day simple moving average of $400.57.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating analysts' consensus estimates of $4.97 by $0.09. The business 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 business's revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $4.48 earnings per share. Equities research analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

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.

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