Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Zurcher Kantonalbank Zurich Cantonalbank

Key Points

• Zurcher Kantonalbank increased its holdings in Adobe Inc. by 81.9% in the first quarter, owning 469,871 shares following the acquisition of an additional 211,531 shares.
• Adobe's reported earnings per share for the quarter were $5.06, exceeding estimates of $4.97, with revenue reaching $5.87 billion.
• Analyst ratings are mixed, with target prices ranging from $280.00 to $530.00, resulting in an average consensus rating of "Moderate Buy."

Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 81.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 469,871 shares of the software company's stock after purchasing an additional 211,531 shares during the period. Adobe makes up 0.5% of Zurcher Kantonalbank Zurich Cantonalbank's holdings, making the stock its 28th biggest holding. Zurcher Kantonalbank Zurich Cantonalbank owned 0.11% of Adobe worth $180,210,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of the company. Intellus Advisors LLC raised its stake in Adobe by 1.9% during the first quarter. Intellus Advisors LLC now owns 1,830 shares of the software company's stock worth $702,000 after purchasing an additional 34 shares during the period. Accretive Wealth Partners LLC increased its position in shares of Adobe by 18.9% during the first quarter. Accretive Wealth Partners LLC now owns 2,320 shares of the software company's stock valued at $889,000 after acquiring an additional 369 shares during the last quarter. ARK Investment Management LLC increased its position in shares of Adobe by 78.5% during the first quarter. ARK Investment Management LLC now owns 862 shares of the software company's stock valued at $331,000 after acquiring an additional 379 shares during the last quarter. Empirical Finance LLC increased its position in shares of Adobe by 1.3% during the first quarter. Empirical Finance LLC now owns 15,787 shares of the software company's stock valued at $6,055,000 after acquiring an additional 200 shares during the last quarter. Finally, Bastion Asset Management Inc. acquired a new stake in shares of Adobe during the first quarter valued at about $2,513,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Down 0.3%

Shares of NASDAQ:ADBE traded down $1.27 during trading on Monday, hitting $369.47. 2,982,954 shares of the company were exchanged, compared to its average volume of 3,264,594. The stock has a market capitalization of $156.73 billion, a P/E ratio of 22.80, 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. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The firm's 50 day moving average price is $391.01 and its 200-day moving average price is $400.57.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating 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 during the quarter, compared to the consensus estimate of $5.80 billion. During the same quarter in the prior year, the firm earned $4.48 EPS. Adobe's revenue for the quarter was up 10.6% on a year-over-year basis. On average, research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Piper Sandler dropped their price target on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Wall Street Zen upgraded shares of Adobe from a "hold" rating to a "buy" rating in a research report on Saturday. Royal Bank Of Canada reiterated an "outperform" rating and set a $480.00 price target on shares of Adobe in a research report on Thursday, June 5th. Bank of America lifted their price objective on shares of Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a report on Friday, June 13th. Finally, DA Davidson restated a "buy" rating and issued a $500.00 price objective on shares of Adobe in a report on Friday, June 20th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $473.88.

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.