Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Alapocas Investment Partners Inc.

Key Points

• Alapocas Investment Partners Inc. increased its holdings in Adobe Inc. by 17.6% during the first quarter, amassing a total of 31,122 shares valued at approximately $11.9 million.
• Institutional investors collectively hold 81.79% of Adobe's stock, indicating strong confidence among hedge funds and investment firms.
• Wall Street analysts have varied opinions on Adobe, with recent ratings showing two sell ratings, eight holds, and sixteen buy ratings, suggesting a mixed outlook on the company's shares.

Alapocas Investment Partners Inc. raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 17.6% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 31,122 shares of the software company's stock after buying an additional 4,665 shares during the period. Adobe comprises 7.3% of Alapocas Investment Partners Inc.'s portfolio, making the stock its 5th largest holding. Alapocas Investment Partners Inc.'s holdings in Adobe were worth $11,936,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in ADBE. Cadence Bank boosted its stake in shares of Adobe by 0.5% during the 4th quarter. Cadence Bank now owns 4,883 shares of the software company's stock worth $2,171,000 after acquiring an additional 22 shares in the last quarter. Eagle Strategies LLC raised its holdings in Adobe by 1.5% in the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock worth $651,000 after purchasing an additional 22 shares during the period. RB Capital Management LLC boosted its position in Adobe by 0.4% during the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock worth $2,198,000 after purchasing an additional 22 shares in the last quarter. Orin Green Financial LLC boosted its position in Adobe by 3.8% during the fourth quarter. Orin Green Financial LLC now owns 621 shares of the software company's stock worth $276,000 after purchasing an additional 23 shares in the last quarter. Finally, Diligent Investors LLC grew its holdings in Adobe by 1.2% in the fourth quarter. Diligent Investors LLC now owns 2,160 shares of the software company's stock valued at $961,000 after purchasing an additional 26 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Adobe Trading Up 0.8%

Shares of ADBE traded up $2.78 during mid-day trading on Friday, reaching $341.05. The stock had a trading volume of 3,506,570 shares, compared to its average volume of 3,402,612. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The firm has a market cap of $144.67 billion, a price-to-earnings ratio of 21.82, a P/E/G ratio of 1.60 and a beta of 1.51. The business's fifty day moving average is $378.55 and its 200 day moving average is $396.05. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, beating 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 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 business posted $4.48 EPS. Adobe's revenue was up 10.6% on a year-over-year basis. On average, sell-side analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Ratings Changes

Several brokerages have recently weighed in on ADBE. Oppenheimer reduced their target price on Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a research note on Friday, June 13th. Piper Sandler decreased their price objective on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. DA Davidson reiterated a "buy" rating and issued a $500.00 target price on shares of Adobe in a research report on Friday, June 20th. Bank of America upped their price target on shares of Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a research report on Friday, June 13th. Finally, Citigroup decreased their price target on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a research note on Monday, June 16th. 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 issued a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average 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.