LGT Group Foundation cut its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 40.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 58,366 shares of the software company's stock after selling 39,691 shares during the period. LGT Group Foundation's holdings in Adobe were worth $22,385,000 as of its most recent filing with the SEC.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its stake in Adobe by 0.4% during the 1st quarter. Vanguard Group Inc. now owns 41,143,835 shares of the software company's stock valued at $15,779,895,000 after acquiring an additional 171,547 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Adobe by 14.4% during the 1st quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock worth $2,504,685,000 after buying an additional 821,293 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Adobe by 12.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock worth $2,375,345,000 after buying an additional 600,146 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Adobe by 14.5% in the 4th quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock worth $2,363,125,000 after purchasing an additional 672,919 shares in the last quarter. Finally, Goldman Sachs Group Inc. raised its holdings in shares of Adobe by 68.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company's stock worth $1,754,954,000 after purchasing an additional 1,856,544 shares in the last quarter. Institutional investors own 81.79% of the company's stock.
Analyst Ratings Changes
A number of research firms recently commented on ADBE. Bank of America boosted their target price on shares of Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a report on Friday, June 13th. Mizuho dropped their target price on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a research report on Friday, June 13th. Stifel Nicolaus dropped their target price on shares of Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a research report on Friday, June 13th. Morgan Stanley dropped their target price on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Finally, Piper Sandler lowered their price objective on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $467.58.
Check Out Our Latest Analysis on Adobe
Adobe Price Performance
NASDAQ:ADBE opened at $333.65 on Tuesday. The stock has a market cap of $141.53 billion, a P/E ratio of 21.35, a PEG ratio of 1.62 and a beta of 1.51. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The company has a fifty day moving average price of $377.15 and a 200 day moving average price of $394.76. 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 (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. During the same quarter in the prior year, the company posted $4.48 EPS. The business's revenue was up 10.6% on a year-over-year basis. Analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.
Adobe Company Profile
(
Free Report)
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.
See Also
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