AlphaStar Capital Management LLC Grows Stock Position in Adobe Inc. (NASDAQ:ADBE)

AlphaStar Capital Management LLC raised its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 18.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,514 shares of the software company's stock after buying an additional 695 shares during the quarter. AlphaStar Capital Management LLC's holdings in Adobe were worth $1,731,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Siemens Fonds Invest GmbH lifted its position in shares of Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after purchasing an additional 39,888 shares in the last quarter. Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of Adobe during the first quarter worth about $26,000. SWAN Capital LLC acquired a new stake in shares of Adobe during the fourth quarter worth about $28,000. Copia Wealth Management acquired a new stake in shares of Adobe during the fourth quarter worth about $28,000. Finally, Summit Securities Group LLC purchased a new stake in shares of Adobe during the fourth quarter worth approximately $31,000. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Price Performance

Adobe stock traded down $5.00 during midday trading on Friday, reaching $366.43. The company's stock had a trading volume of 1,049,148 shares, compared to its average volume of 3,443,748. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The stock's 50 day simple moving average is $396.38 and its 200 day simple moving average is $406.42. The firm has a market capitalization of $155.44 billion, a PE ratio of 23.47, a P/E/G ratio of 1.77 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, beating analysts' consensus estimates of $4.97 by $0.09. The company had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. Adobe's quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the company earned $4.48 earnings per share. On average, equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on the stock. Wall Street Zen upgraded shares of Adobe from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. Mizuho cut their target price on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a research note on Friday, June 13th. Oppenheimer cut their target price on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research note on Friday, June 13th. Bank of America increased their price target on shares of Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a research note on Friday, June 13th. Finally, Redburn Atlantic lowered shares of Adobe from a "hold" rating to a "strong sell" rating and dropped their price target for the company from $420.00 to $280.00 in a research note on Wednesday, July 2nd. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, Adobe has a consensus rating of "Moderate Buy" and a consensus price target of $480.08.

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.