Advisors Preferred LLC Makes New $1.69 Million Investment in Adobe Inc. (NASDAQ:ADBE)

Advisors Preferred LLC acquired a new position in Adobe Inc. (NASDAQ:ADBE - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 4,400 shares of the software company's stock, valued at approximately $1,686,000.

Several other institutional investors have also recently modified their holdings of ADBE. Siemens Fonds Invest GmbH raised its stake in shares of Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after purchasing an additional 39,888 shares during the last quarter. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Adobe in the first quarter worth about $26,000. SWAN Capital LLC purchased a new position in shares of Adobe in the fourth quarter worth about $28,000. Copia Wealth Management purchased a new position in shares of Adobe in the fourth quarter worth about $28,000. Finally, Summit Securities Group LLC purchased a new position in Adobe during the fourth quarter valued at approximately $31,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Trading Down 0.3%

NASDAQ:ADBE traded down $0.95 on Friday, reaching $370.74. The company's stock had a trading volume of 2,041,507 shares, compared to its average volume of 3,768,140. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The firm has a market cap of $157.27 billion, a price-to-earnings ratio of 23.72, a price-to-earnings-growth ratio of 1.77 and a beta of 1.51. The stock has a 50 day moving average price of $391.94 and a 200 day moving average price of $401.19.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.09. The firm 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 company's quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.48 EPS. On average, equities analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ADBE has been the subject of several recent research reports. Wall Street Zen cut Adobe from a "buy" rating to a "hold" rating in a research report on Friday, July 18th. Piper Sandler reduced their price target on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Bank of America lifted their price target on Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a research report on Friday, June 13th. DA Davidson reiterated a "buy" rating and set a $500.00 price target on shares of Adobe in a research report on Friday, June 20th. Finally, JMP Securities reiterated a "market perform" rating on shares of Adobe in a research report on Monday, June 23rd. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $473.88.

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.