Adobe Inc. (NASDAQ:ADBE) Position Lifted by Kovitz Investment Group Partners LLC

Key Points

• Kovitz Investment Group Partners LLC significantly increased its holdings in Adobe Inc. by 183.1%, acquiring nearly 288,000 shares during the first quarter, which are now valued at approximately $110.5 million.
• The software company reported a 10.6% year-over-year revenue growth for the most recent quarter, with earnings per share of $5.06, surpassing analysts' expectations of $4.97.
• Adobe's stock analysts have issued a range of ratings, with four sell ratings, sixteen buy ratings, and an average price target of $467.58.

Kovitz Investment Group Partners LLC raised its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 183.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 287,998 shares of the software company's stock after purchasing an additional 186,270 shares during the period. Kovitz Investment Group Partners LLC owned 0.07% of Adobe worth $110,456,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Garde Capital Inc. acquired a new position in shares of Adobe in the first quarter valued at approximately $34,000. PFG Advisors increased its position in Adobe by 20.8% during the first quarter. PFG Advisors now owns 4,964 shares of the software company's stock worth $1,904,000 after purchasing an additional 855 shares during the last quarter. Krane Funds Advisors LLC increased its position in Adobe by 110.4% during the first quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company's stock worth $533,000 after purchasing an additional 730 shares during the last quarter. Burling Wealth Partners LLC acquired a new position in Adobe during the fourth quarter worth approximately $1,173,000. Finally, Financial Counselors Inc. increased its position in Adobe by 9.2% during the first quarter. Financial Counselors Inc. now owns 62,851 shares of the software company's stock worth $24,105,000 after purchasing an additional 5,298 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Stock Down 0.7%

Shares of ADBE stock traded down $2.49 on Thursday, hitting $348.58. The stock had a trading volume of 3,742,921 shares, compared to its average volume of 3,564,123. The firm has a market capitalization of $147.87 billion, a price-to-earnings ratio of 22.30, a P/E/G ratio of 1.66 and a beta of 1.51. The stock's 50 day moving average is $373.08 and its 200-day moving average is $393.45. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. Adobe Inc. has a 52-week low of $330.04 and a 52-week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share 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 business's quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.48 earnings per share. As a group, research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Melius lowered shares of Adobe from a "hold" rating to a "sell" rating and set a $310.00 price target for the company. in a research report on Monday. Redburn Atlantic lowered shares of Adobe from a "hold" rating to a "strong sell" rating and dropped their price target for the stock from $420.00 to $280.00 in a research report on Wednesday, July 2nd. Phillip Securities raised shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a research report on Monday, June 16th. Bank of America upped their price target on shares of Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a research report on Friday, June 13th. Finally, 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. Four 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 stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $467.58.

Adobe Company Profile

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.