Argonautica Private Wealth Management Inc. Makes New Investment in Adobe Inc. (NASDAQ:ADBE)

Argonautica Private Wealth Management Inc. acquired a new position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 7,008 shares of the software company's stock, valued at approximately $2,688,000.

Several other institutional investors have also modified their holdings of the stock. Copia Wealth Management acquired a new stake in shares of Adobe during the fourth quarter worth about $28,000. SWAN Capital LLC purchased a new position in Adobe during the 4th quarter worth approximately $28,000. Barnes Dennig Private Wealth Management LLC acquired a new position in Adobe during the first quarter worth approximately $26,000. Summit Securities Group LLC purchased a new stake in Adobe in the fourth quarter valued at approximately $31,000. Finally, Bernard Wealth Management Corp. purchased a new stake in Adobe in the fourth quarter valued at approximately $36,000. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Price Performance

Shares of ADBE traded down $0.95 on Friday, reaching $370.74. The stock had a trading volume of 2,052,034 shares, compared to its average volume of 3,416,126. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The firm has a market capitalization of $157.27 billion, a PE ratio of 23.72, a PEG ratio of 1.76 and a beta of 1.51. The firm has a 50-day moving average of $391.94 and a 200 day moving average of $401.19. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, beating the consensus estimate 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 return on equity of 53.68% and a net margin of 30.39%. Adobe's revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $4.48 earnings per share. Sell-side analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of research reports. Morgan Stanley lowered their target price on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Redburn Atlantic lowered shares of Adobe from a "hold" rating to a "strong sell" rating and dropped their price objective for the company from $420.00 to $280.00 in a research note on Wednesday, July 2nd. Robert W. Baird increased their target price on shares of Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research note on Monday, June 16th. Citigroup reduced their price objective on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a research note on Monday, June 16th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and issued a $480.00 target price on shares of Adobe in a research note on Thursday, June 5th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $473.88.

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.