Telos Capital Management Inc. Acquires 1,376 Shares of Adobe Inc. (NASDAQ:ADBE)

Telos Capital Management Inc. increased its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 16.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 9,818 shares of the software company's stock after purchasing an additional 1,376 shares during the period. Telos Capital Management Inc.'s holdings in Adobe were worth $3,765,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Adobe in the 4th quarter valued at about $2,553,035,000. GAMMA Investing LLC grew its holdings in shares of Adobe by 46,806.6% in the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock valued at $1,147,049,000 after acquiring an additional 2,984,391 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in shares of Adobe by 82.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock valued at $937,291,000 after acquiring an additional 952,233 shares in the last quarter. Two Sigma Advisers LP grew its holdings in shares of Adobe by 1,414.5% in the 4th 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. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in Adobe in the 4th quarter valued at about $365,750,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on ADBE. UBS Group lifted their price target on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a report on Monday, June 9th. Phillip Securities upgraded Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday, June 16th. Bank of America lifted their price target on Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a report on Friday, June 13th. Piper Sandler reduced their price target on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Finally, JMP Securities reissued a "market perform" rating on shares of Adobe in a research report on Monday, June 23rd. Two 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.com, the company has a consensus rating of "Moderate Buy" and an average target price of $480.08.

Adobe Price Performance

ADBE traded down $8.08 during trading on Friday, hitting $363.35. 3,545,215 shares of the stock traded hands, compared to its average volume of 3,460,173. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The company has a market cap of $154.13 billion, a price-to-earnings ratio of 23.25, a PEG ratio of 1.76 and a beta of 1.51. 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 business has a 50 day moving average price of $396.03 and a 200 day moving average price of $405.83.

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 the consensus estimate 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 net margin of 30.39% and a return on equity of 53.68%. The company's revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the business earned $4.48 earnings per share. Equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal 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.