AGP Franklin LLC Raises Stock Position in Adobe Inc. (NASDAQ:ADBE)

Key Points

• AGP Franklin LLC increased its stake in Adobe Inc. by 66.9% in the first quarter, now holding 4,939 shares valued at approximately $1.73 million.
• Equities analysts have adjusted their price targets for Adobe, with Stifel Nicolaus lowering its target from $525.00 to $480.00, while other firms like BMO Capital Markets continue to maintain an "outperform" rating.
• Adobe's latest quarterly earnings report showed an actual EPS of $5.06, surpassing estimates, and revealed a 10.6% year-over-year revenue increase to $5.87 billion.

AGP Franklin LLC grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 66.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,939 shares of the software company's stock after acquiring an additional 1,980 shares during the period. AGP Franklin LLC's holdings in Adobe were worth $1,731,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. GAMMA Investing LLC lifted its position in Adobe by 46,806.6% in the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock valued at $1,147,049,000 after acquiring an additional 2,984,391 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd lifted its position in Adobe by 1,482.7% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company's stock valued at $498,000 after acquiring an additional 1,216,351 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Adobe by 82.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock valued at $937,291,000 after acquiring an additional 952,233 shares in the last quarter. Two Sigma Advisers LP lifted its position in Adobe by 1,414.5% in the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock valued at $395,321,000 after acquiring an additional 830,300 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Adobe during the 4th quarter worth approximately $365,750,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Oppenheimer dropped their target price on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research report on Friday, June 13th. UBS Group lifted their target price on shares of Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research report on Monday, June 9th. Citigroup dropped their target price 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. Wells Fargo & Company reissued an "overweight" rating and set a $470.00 target price (up previously from $430.00) on shares of Adobe in a research report on Friday, June 13th. Finally, Wall Street Zen raised shares of Adobe from a "hold" rating to a "buy" rating in a research report on Saturday. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $473.88.

Adobe Stock Performance

ADBE stock traded down $1.27 during midday trading on Monday, hitting $369.47. 2,982,954 shares of the stock traded hands, compared to its average volume of 3,264,594. The firm has a market cap of $156.73 billion, a P/E ratio of 23.64, a PEG ratio of 1.76 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 stock's fifty day simple moving average is $389.99 and its 200-day simple moving average is $400.32. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last posted 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. The firm had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company's revenue for the quarter was up 10.6% on a year-over-year basis. During the same period last year, the firm posted $4.48 earnings per share. On average, analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

About Adobe

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.