Alpha Cubed Investments LLC decreased its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 62.9% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,564 shares of the software company's stock after selling 2,650 shares during the period. Alpha Cubed Investments LLC's holdings in Adobe were worth $600,000 as of its most recent SEC filing.
A number of other institutional investors also recently made changes to their positions in ADBE. Norges Bank bought a new position in Adobe in the 4th quarter worth $2,553,035,000. GAMMA Investing LLC boosted its holdings in shares of Adobe by 46,806.6% during 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 during the last quarter. Arrowstreet Capital Limited Partnership boosted its holdings in shares of Adobe by 82.4% during 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 during the last quarter. Two Sigma Advisers LP boosted its holdings in shares of Adobe by 1,414.5% during 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 during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Adobe in the fourth quarter worth approximately $365,750,000. Hedge funds and other institutional investors own 81.79% of the company's stock.
Adobe Stock Down 2.2%
Shares of ADBE stock traded down $8.08 on Friday, hitting $363.35. The stock had a trading volume of 3,545,215 shares, compared to its average volume of 3,454,388. The company has a market cap of $154.13 billion, a PE ratio of 23.25, a P/E/G ratio of 1.76 and a beta of 1.51. 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 business has a 50 day moving average price of $396.03 and a 200 day moving average price of $405.83. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75.
Adobe (NASDAQ:ADBE - Get Free Report) last announced 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. The business had revenue of $5.87 billion during 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 firm's revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the company posted $4.48 earnings per share. Research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.
Analysts Set New Price Targets
A number of research firms recently issued reports on ADBE. Bank of America raised their price objective on shares of Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a report on Friday, June 13th. Morgan Stanley reduced their price objective on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Robert W. Baird boosted their price target on shares of Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research report on Monday, June 16th. Stifel Nicolaus reduced their price target on shares of Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a research report on Friday, June 13th. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and set a $470.00 price objective (up from $430.00) on shares of Adobe in a research note on Friday, June 13th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Adobe currently has an average rating of "Moderate Buy" and a consensus target price of $480.08.
Read Our Latest Report on ADBE
Adobe Company Profile
(
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
Before you consider Adobe, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Adobe wasn't on the list.
While Adobe currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Wondering what the next stocks will be that hit it big, with solid fundamentals? Enter your email address to see which stocks MarketBeat analysts could become the next blockbuster growth stocks.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
