Valicenti Advisory Services Inc. lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 20.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,007 shares of the software company's stock after buying an additional 1,552 shares during the period. Valicenti Advisory Services Inc.'s holdings in Adobe were worth $3,454,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Garde Capital Inc. bought a new stake in shares of Adobe in the 1st quarter valued at about $34,000. Arizona State Retirement System lifted its stake in shares of Adobe by 0.4% in the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock worth $56,784,000 after acquiring an additional 570 shares during the period. Burling Wealth Partners LLC acquired a new position in shares of Adobe in the fourth quarter worth approximately $1,173,000. Sound Income Strategies LLC boosted its holdings in Adobe by 17.6% in the first quarter. Sound Income Strategies LLC now owns 308 shares of the software company's stock valued at $118,000 after acquiring an additional 46 shares during the last quarter. Finally, Horan Capital Advisors LLC. increased its position in Adobe by 2.4% during the 4th quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company's stock valued at $2,162,000 after purchasing an additional 114 shares during the period. Institutional investors own 81.79% of the company's stock.
Analysts Set New Price Targets
ADBE has been the subject of several recent analyst reports. DA Davidson reiterated a "buy" rating and set a $500.00 price objective on shares of Adobe in a research report on Friday, June 20th. Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. 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 note on Friday, June 13th. Morgan Stanley reduced their price objective 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. Finally, UBS Group boosted their target price on shares of Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a research report on Monday, June 9th. Nine 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, the stock currently has an average rating of "Moderate Buy" and an average price target of $496.75.
Check Out Our Latest Stock Analysis on Adobe
Adobe Stock Down 0.7%
ADBE traded down $2.60 during mid-day trading on Thursday, reaching $384.95. 3,136,776 shares of the stock were exchanged, compared to its average volume of 3,404,659. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. 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 stock has a market capitalization of $164.07 billion, a PE ratio of 24.63, a price-to-earnings-growth ratio of 1.81 and a beta of 1.55. The company has a 50 day moving average price of $391.76 and a two-hundred day moving average price of $413.89.
Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.80 billion. During the same period in the previous year, the company earned $4.48 earnings per share. The firm's revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.
Adobe Company Profile
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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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