Alta Advisers Ltd Raises Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Alta Advisers Ltd lifted its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 48.0% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 2,158 shares of the software company's stock after acquiring an additional 700 shares during the period. Alta Advisers Ltd's holdings in Adobe were worth $828,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Siemens Fonds Invest GmbH grew its holdings 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 valued at $25,000 after buying an additional 39,888 shares in the last quarter. Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of Adobe in the first quarter worth about $26,000. SWAN Capital LLC acquired a new position in Adobe during the fourth quarter valued at approximately $28,000. Copia Wealth Management acquired a new position in Adobe during the 4th quarter worth $28,000. Finally, Summit Securities Group LLC bought a new stake in Adobe during the 4th quarter valued at approximately $31,000. Institutional investors own 81.79% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ADBE. Piper Sandler decreased their price objective on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Summit Redstone set a $410.00 price target on Adobe in a research report on Wednesday, March 19th. Redburn Atlantic reiterated a "sell" rating and set a $280.00 target price (down from $420.00) on shares of Adobe in a research report on Wednesday. JMP Securities reissued a "market perform" rating on shares of Adobe in a report on Monday, June 23rd. Finally, Mizuho decreased their price objective on Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research note on Friday, June 13th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, Adobe has a consensus rating of "Moderate Buy" and an average target price of $480.08.

Adobe Trading Down 3.5%

Shares of Adobe stock traded down $13.63 on Wednesday, hitting $378.47. The stock had a trading volume of 6,906,864 shares, compared to its average volume of 3,425,546. 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 stock's 50-day simple moving average is $394.95 and its two-hundred day simple moving average is $409.57. The stock has a market cap of $160.55 billion, a price-to-earnings ratio of 24.21, a PEG ratio of 1.86 and a beta of 1.51. 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, beating analysts' consensus estimates of $4.97 by $0.09. The firm had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company's quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.48 EPS. As a group, sell-side analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

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.