Advisor Resource Council Invests $1.55 Million in Adobe Inc. (NASDAQ:ADBE)

Advisor Resource Council purchased a new stake in Adobe Inc. (NASDAQ:ADBE - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 4,040 shares of the software company's stock, valued at approximately $1,549,000.

Other large investors also recently made changes to their positions in the company. Copia Wealth Management acquired a new stake in Adobe in the 4th quarter worth about $28,000. SWAN Capital LLC acquired a new stake in Adobe in the fourth quarter valued at about $28,000. Summit Securities Group LLC bought a new stake in shares of Adobe during the 4th quarter valued at approximately $31,000. Bernard Wealth Management Corp. acquired a new position in shares of Adobe during the fourth quarter worth $36,000. Finally, Mascoma Wealth Management LLC increased its holdings in Adobe by 142.9% in the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock worth $38,000 after purchasing an additional 50 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

Adobe Price Performance

Shares of Adobe stock traded up $2.22 during trading on Tuesday, hitting $382.34. The stock had a trading volume of 4,794,607 shares, compared to its average volume of 3,400,183. The business's 50-day moving average is $390.26 and its 200 day moving average is $414.29. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The firm has a market cap of $162.95 billion, a price-to-earnings ratio of 24.46, a P/E/G ratio of 1.79 and a beta of 1.55. The company has a current ratio of 0.99, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.09. The company had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The firm's quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the business earned $4.48 earnings per share. As a group, sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. 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 note on Wednesday, April 16th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $470.00 price objective (up previously from $430.00) on shares of Adobe in a research report on Friday, June 13th. Oppenheimer dropped their price target on Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research note on Friday, June 13th. Citigroup lowered their price objective on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a report on Monday, June 16th. Finally, UBS Group raised their target price on Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a report on Monday, June 9th. Nine analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Adobe has an average rating of "Moderate Buy" and a consensus price target of $496.75.

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.