Adobe Inc. (NASDAQ:ADBE) Stake Lifted by AlphaStar Capital Management LLC

AlphaStar Capital Management LLC grew its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 18.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,514 shares of the software company's stock after purchasing an additional 695 shares during the period. 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 institutional investors have also added to or reduced their stakes in ADBE. Norges Bank bought a new stake in Adobe during the fourth quarter worth about $2,553,035,000. GAMMA Investing LLC lifted its holdings in Adobe by 46,806.6% during the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock valued at $1,147,049,000 after purchasing an additional 2,984,391 shares in the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in Adobe by 82.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock worth $937,291,000 after purchasing an additional 952,233 shares during the period. Two Sigma Advisers LP lifted its position in shares of Adobe by 1,414.5% in the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock worth $395,321,000 after buying an additional 830,300 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in Adobe during the fourth quarter valued at $365,750,000. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Stock Down 2.3%

NASDAQ ADBE traded down $8.86 during trading hours on Wednesday, reaching $373.38. 4,721,427 shares of the company traded hands, compared to its average volume of 3,446,352. The company has a 50 day moving average of $396.44 and a two-hundred day moving average of $406.94. The stock has a market capitalization of $158.39 billion, a PE ratio of 23.89, a PEG ratio of 1.81 and a beta of 1.51. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. 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 (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 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 the consensus estimate of $5.80 billion. During the same period last year, the firm earned $4.48 earnings per share. The company's revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, equities analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

ADBE has been the topic of several research analyst reports. UBS Group increased their price objective on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research note on Monday, June 9th. Rothschild & Co Redburn downgraded shares of Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price objective for the company. in a research note on Wednesday, July 2nd. 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 report on Wednesday, April 23rd. Robert W. Baird boosted 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. Finally, Summit Redstone set a $410.00 price target on shares of Adobe in a research note on Wednesday, March 19th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price 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.