AlphaStar Capital Management LLC Has $1.73 Million Stake in Adobe Inc. (NASDAQ:ADBE)

AlphaStar Capital Management LLC grew its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 18.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor 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.

A number of other large investors have also made changes to their positions in the stock. Brighton Jones LLC lifted its position in Adobe by 2.1% during the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock worth $3,588,000 after buying an additional 167 shares during the period. Bank Pictet & Cie Europe AG raised its holdings in shares of Adobe by 2.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock valued at $12,882,000 after buying an additional 756 shares during the period. GHE LLC raised its holdings in shares of Adobe by 2.9% during the 4th quarter. GHE LLC now owns 23,577 shares of the software company's stock valued at $10,484,000 after buying an additional 670 shares during the period. Proficio Capital Partners LLC grew its stake in Adobe by 85.8% during the 4th quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company's stock valued at $1,043,000 after purchasing an additional 1,083 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Adobe by 11.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 258,340 shares of the software company's stock valued at $114,879,000 after purchasing an additional 25,543 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on ADBE. Morgan Stanley decreased their target price on Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Evercore ISI reissued an "outperform" rating and issued a $475.00 price objective on shares of Adobe in a research note on Friday, June 13th. Mizuho decreased their target price on Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. DA Davidson restated a "buy" rating and issued a $500.00 target price on shares of Adobe in a report on Friday, June 20th. Finally, Rothschild & Co Redburn lowered Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price target on the stock. in a research report on Wednesday, July 2nd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $480.08.

Adobe Stock Performance

Adobe stock traded down $1.95 during trading hours on Thursday, hitting $371.43. The stock had a trading volume of 3,991,369 shares, compared to its average volume of 3,448,602. The company has a 50-day moving average of $396.44 and a two-hundred day moving average of $406.94. 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 company has a market cap of $157.56 billion, a PE ratio of 23.76, a price-to-earnings-growth ratio of 1.81 and a beta of 1.51. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The business had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. During the same period in the prior year, the firm posted $4.48 EPS. Adobe's quarterly revenue was up 10.6% compared to the same quarter last year. On average, equities research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.