Perpetual Ltd lessened its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 96.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,044 shares of the software company's stock after selling 170,693 shares during the period. Perpetual Ltd's holdings in Adobe were worth $2,318,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors and hedge funds have also made changes to their positions in the business. Brighton Jones LLC lifted its stake in Adobe by 2.1% in the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock valued at $3,588,000 after buying an additional 167 shares in the last quarter. Bank Pictet & Cie Europe AG grew its holdings in shares of Adobe by 2.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock worth $12,882,000 after buying an additional 756 shares in the last quarter. GHE LLC boosted its position in Adobe by 2.9% during the fourth quarter. GHE LLC now owns 23,577 shares of the software company's stock worth $10,484,000 after acquiring an additional 670 shares during the last quarter. Linscomb Wealth Inc. lifted its stake in Adobe by 11.1% in the 4th quarter. Linscomb Wealth Inc. now owns 5,327 shares of the software company's stock worth $2,369,000 after purchasing an additional 532 shares in the last quarter. Finally, Peloton Wealth Strategists increased its holdings in shares of Adobe by 1.8% in the fourth quarter. Peloton Wealth Strategists now owns 4,167 shares of the software company's stock valued at $1,853,000 after purchasing an additional 75 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
ADBE has been the topic of several analyst reports. KeyCorp upgraded Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. Royal Bank Of Canada restated an "outperform" rating and issued a $480.00 target price on shares of Adobe in a research report on Thursday, June 5th. Piper Sandler lowered 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. Phillip Securities raised Adobe from a "moderate sell" rating to a "strong-buy" rating in a research report on Monday, June 16th. Finally, Citigroup decreased their target price on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a research report on Monday, June 16th. Nine equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Adobe presently has a consensus rating of "Moderate Buy" and an average price target of $496.75.
View Our Latest Analysis on ADBE
Adobe Stock Up 0.2%
Shares of NASDAQ:ADBE traded up $0.88 during trading hours on Friday, reaching $385.83. The stock had a trading volume of 5,081,963 shares, compared to its average volume of 3,399,346. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.18 and a current ratio of 0.99. The firm's 50 day moving average is $393.23 and its 200-day moving average is $410.69. The stock has a market capitalization of $163.67 billion, a price-to-earnings ratio of 24.69, a P/E/G ratio of 1.83 and a beta of 1.55. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75.
Adobe (NASDAQ:ADBE - Get Free Report) last released 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 for 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 prior year, the business posted $4.48 EPS. Research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.
Adobe 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.
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