Advisors Management Group Inc. ADV Purchases 11,067 Shares of Adobe Inc. (NASDAQ:ADBE)

Advisors Management Group Inc. ADV increased its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 1,811.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 11,678 shares of the software company's stock after purchasing an additional 11,067 shares during the period. Advisors Management Group Inc. ADV's holdings in Adobe were worth $4,479,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Copia Wealth Management acquired a new position in Adobe in the 4th quarter worth approximately $28,000. SWAN Capital LLC purchased a new stake in Adobe in the 4th quarter valued at about $28,000. Barnes Dennig Private Wealth Management LLC acquired a new position in Adobe during the 1st quarter worth about $26,000. Summit Securities Group LLC purchased a new position in Adobe in the fourth quarter valued at $31,000. Finally, Bernard Wealth Management Corp. acquired a new position in shares of Adobe during the 4th quarter worth about $36,000. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently commented on ADBE. Wells Fargo & Company reissued an "overweight" rating and issued a $470.00 price target (up from $430.00) on shares of Adobe in a report on Friday, June 13th. Royal Bank Of Canada reissued an "outperform" rating and set a $480.00 target price on shares of Adobe in a report on Thursday, June 5th. Mizuho dropped their price objective on Adobe from $575.00 to $530.00 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 research report on Monday, June 16th. Finally, Redburn Atlantic reiterated a "sell" rating and set a $280.00 price target (down from $420.00) on shares of Adobe in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $480.08.

Adobe Stock Down 3.5%

Shares of ADBE stock traded down $13.63 during trading hours on Wednesday, reaching $378.47. The company had a trading volume of 6,906,864 shares, compared to its average volume of 3,425,546. The company has a market cap of $160.55 billion, a price-to-earnings ratio of 24.21, a price-to-earnings-growth ratio of 1.86 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The business has a fifty day simple moving average of $394.95 and a 200-day simple moving average of $409.57. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75.

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. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same period in the previous year, the company posted $4.48 EPS. The firm's revenue for the quarter was up 10.6% compared to the same quarter last year. On average, research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.