Adobe Inc. (NASDAQ:ADBE) Stock Position Raised by Amalgamated Bank

Amalgamated Bank lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 1.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 93,066 shares of the software company's stock after purchasing an additional 921 shares during the period. Amalgamated Bank's holdings in Adobe were worth $35,694,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of the stock. Geode Capital Management LLC lifted its stake in Adobe by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock valued at $4,739,788,000 after buying an additional 151,286 shares in the last quarter. Norges Bank acquired a new stake in shares of Adobe during the fourth quarter valued at approximately $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Adobe by 12.7% in 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 valued at $2,375,345,000 after acquiring an additional 600,146 shares in the last quarter. Northern Trust Corp lifted its position 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 valued at $2,363,125,000 after acquiring an additional 672,919 shares in the last quarter. Finally, Edgewood Management LLC boosted its stake in Adobe by 20.7% in the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock worth $1,805,009,000 after purchasing an additional 696,172 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

NASDAQ ADBE opened at $385.83 on Monday. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The stock's 50-day moving average is $393.23 and its two-hundred day moving average is $410.24. The firm has a market cap of $163.67 billion, a P/E ratio of 24.69, a price-to-earnings-growth ratio of 1.83 and a beta of 1.55. 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 issued its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share 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 firm's revenue was up 10.6% compared to the same quarter last year. During the same period last year, the business earned $4.48 EPS. On average, analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on ADBE shares. Oppenheimer cut their target price on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research note on Friday, June 13th. Stifel Nicolaus dropped their price target on Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a research report on Friday, June 13th. DA Davidson restated a "buy" rating and set a $500.00 price objective on shares of Adobe in a research report on Friday, June 20th. Piper Sandler lowered their target price on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Finally, Evercore ISI reiterated an "outperform" rating and issued a $475.00 target price on shares of Adobe in a report on Friday, June 13th. Nine equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $496.75.

Adobe 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.

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