AlphaCore Capital LLC Acquires Shares of 3,491 Adobe Inc. (NASDAQ:ADBE)

Key Points

• AlphaCore Capital LLC acquired a stake in Adobe Inc. by purchasing 3,491 shares, valued at approximately $1,339,000, in the first quarter of the year.
• Adobe's recent earnings report showed an EPS of $5.06, exceeding the consensus estimate by $0.09, with a year-over-year revenue increase of 10.6%.
• The consensus price target for Adobe's stock is currently $473.88, with a rating of "Moderate Buy" from research analysts, reflecting varied opinions on the stock's future performance.

AlphaCore Capital LLC acquired a new stake in Adobe Inc. (NASDAQ:ADBE - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 3,491 shares of the software company's stock, valued at approximately $1,339,000.

A number of other hedge funds also recently bought and sold shares of the business. Siemens Fonds Invest GmbH boosted its holdings in Adobe by 252.9% in the 4th 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 position in Adobe in the 1st quarter valued at about $26,000. SWAN Capital LLC acquired a new position in Adobe in the 4th quarter valued at about $28,000. Copia Wealth Management acquired a new position in Adobe in the 4th quarter valued at about $28,000. Finally, HHM Wealth Advisors LLC acquired a new position in Adobe in the 1st quarter valued at about $30,000. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Trading Up 0.8%

NASDAQ ADBE opened at $341.05 on Friday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The stock has a market capitalization of $144.67 billion, a PE ratio of 21.82, a price-to-earnings-growth ratio of 1.60 and a beta of 1.51. The firm has a 50 day moving average of $378.55 and a two-hundred day moving average of $396.05.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping 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 during the quarter, compared to analysts' expectations of $5.80 billion. During the same quarter in the previous year, the business posted $4.48 EPS. The firm's revenue was up 10.6% on a year-over-year basis. As a group, research analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Ratings Changes

ADBE has been the topic of a number of research analyst reports. Rothschild & Co Redburn downgraded shares of Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price target on the stock. in a research note on Wednesday, July 2nd. DA Davidson reissued a "buy" rating and issued a $500.00 price target on shares of Adobe in a research note on Friday, June 20th. Royal Bank Of Canada reissued an "outperform" rating and issued a $480.00 price target on shares of Adobe in a research note on Thursday, June 5th. Evercore ISI reissued an "outperform" rating and issued a $475.00 price target on shares of Adobe in a research note on Friday, June 13th. Finally, JMP Securities reissued a "market perform" rating on shares of Adobe in a research note on Monday, June 23rd. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Adobe presently has an average rating of "Moderate Buy" and a consensus price target of $473.88.

Adobe Company 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.

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