Apollon Wealth Management LLC increased its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 12.2% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,289 shares of the software company's stock after acquiring an additional 1,558 shares during the period. Apollon Wealth Management LLC's holdings in Adobe were worth $5,480,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Brighton Jones LLC grew its position in Adobe by 2.1% in the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock valued at $3,588,000 after purchasing an additional 167 shares in the last quarter. Bank Pictet & Cie Europe AG grew its position in Adobe by 2.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock valued at $12,882,000 after purchasing an additional 756 shares in the last quarter. GHE LLC increased its holdings in Adobe by 2.9% during the fourth quarter. GHE LLC now owns 23,577 shares of the software company's stock worth $10,484,000 after buying an additional 670 shares during the last quarter. Proficio Capital Partners LLC increased its holdings in Adobe by 85.8% during the fourth quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company's stock worth $1,043,000 after buying an additional 1,083 shares during the last quarter. Finally, Envestnet Portfolio Solutions Inc. increased its holdings in Adobe by 16.6% during the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 39,913 shares of the software company's stock worth $17,749,000 after buying an additional 5,692 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
A number of research analysts have recently commented on the stock. Evercore ISI reissued an "outperform" rating and issued a $475.00 price objective on shares of Adobe in a research report on Friday, June 13th. Mizuho decreased their price objective on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. 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. Rothschild & Co Redburn downgraded shares of Adobe from a "neutral" rating to a "sell" rating and set a $280.00 target price for the company. in a report on Wednesday, July 2nd. Finally, Jefferies Financial Group reduced their target price on shares of Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a report on Monday, March 31st. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $473.88.
View Our Latest Stock Report on ADBE
Adobe Trading Up 1.3%
Shares of NASDAQ:ADBE traded up $4.68 during trading on Thursday, reaching $366.45. The stock had a trading volume of 3,338,919 shares, compared to its average volume of 3,468,277. The firm's fifty day moving average is $394.90 and its 200 day moving average is $404.10. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The stock has a market cap of $155.45 billion, a price-to-earnings ratio of 23.45, a P/E/G ratio of 1.73 and a beta of 1.51.
Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data 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 for the quarter, compared to analyst estimates 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 period in the prior year, the firm posted $4.48 EPS. As a group, equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.
Adobe Company Profile
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Free Report)
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.
Further Reading
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