Allegiance Financial Group Advisory Services LLC bought a new position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 902 shares of the software company's stock, valued at approximately $346,000.
Other hedge funds have also recently bought and sold shares of the company. Siemens Fonds Invest GmbH grew its position 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 valued at $25,000 after purchasing an additional 39,888 shares during the last quarter. Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of Adobe in the first quarter valued at about $26,000. SWAN Capital LLC acquired a new stake in shares of Adobe in the fourth quarter valued at about $28,000. Copia Wealth Management acquired a new stake in shares of Adobe in the fourth quarter valued at about $28,000. Finally, Summit Securities Group LLC acquired a new stake in shares of Adobe in the fourth quarter valued at about $31,000. 81.79% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several equities research analysts have recently issued reports on ADBE shares. Jefferies Financial Group lowered their price target on Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Robert W. Baird increased their target price on shares of Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research note on Monday, June 16th. Stifel Nicolaus reduced their target price on shares of Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a research note on Friday, June 13th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $480.00 target price on shares of Adobe in a research note on Thursday, June 5th. Finally, Piper Sandler reduced their target price on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $473.88.
Read Our Latest Research Report on ADBE
Adobe Price Performance
Shares of Adobe stock traded down $0.66 during midday trading on Friday, reaching $365.79. The company had a trading volume of 2,445,698 shares, compared to its average volume of 3,477,489. The stock has a fifty day simple moving average of $394.20 and a 200 day simple moving average of $402.72. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The company has a market capitalization of $155.17 billion, a price-to-earnings ratio of 23.40, a price-to-earnings-growth ratio of 1.73 and a beta of 1.51.
Adobe (NASDAQ:ADBE - Get Free Report) last released its earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The firm had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. During the same quarter in the previous year, the business earned $4.48 EPS. The business's quarterly revenue was up 10.6% compared to the same quarter last year. As a group, equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.
About Adobe
(
Free Report)
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.
Further Reading
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