Adobe Inc. (NASDAQ:ADBE) Shares Bought by International Assets Investment Management LLC

International Assets Investment Management LLC lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 25.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,696 shares of the software company's stock after purchasing an additional 1,156 shares during the period. International Assets Investment Management LLC's holdings in Adobe were worth $2,185,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of ADBE. Norges Bank purchased a new stake in Adobe in the 4th quarter worth approximately $2,553,035,000. GAMMA Investing LLC increased its stake in Adobe by 46,806.6% in the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock valued at $1,147,049,000 after purchasing an additional 2,984,391 shares during the last quarter. Proficio Capital Partners LLC lifted its position in Adobe by 82,528.8% during the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company's stock worth $463,701,000 after buying an additional 1,041,513 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in shares of Adobe by 82.4% during 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 during the last quarter. Finally, Two Sigma Advisers LP lifted its holdings in shares of Adobe by 1,414.5% during the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock worth $395,321,000 after acquiring an additional 830,300 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several research analyst reports. Morgan Stanley dropped their price target on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Robert W. Baird boosted their price target on Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research report on Monday, June 16th. Stifel Nicolaus dropped their target price on shares of Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a research report on Friday, June 13th. Piper Sandler reduced their price target 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. Finally, Mizuho reduced their target price on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. Nine investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $496.75.

Adobe Stock Performance

Shares of NASDAQ ADBE traded up $5.21 during midday trading on Wednesday, hitting $387.55. The company's stock had a trading volume of 3,715,639 shares, compared to its average volume of 3,402,790. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.18 and a current ratio of 0.99. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The firm's fifty day moving average price is $390.90 and its 200-day moving average price is $414.07. The firm has a market cap of $165.17 billion, a P/E ratio of 24.80, a P/E/G ratio of 1.80 and a beta of 1.55.

Adobe (NASDAQ:ADBE - Get Free Report) last released 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. The business had revenue of $5.87 billion during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $4.48 EPS. On average, sell-side analysts forecast that Adobe Inc. will post 16.65 EPS 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.