Arrow Financial Corp lessened its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 41.4% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,256 shares of the software company's stock after selling 4,413 shares during the quarter. Arrow Financial Corp's holdings in Adobe were worth $2,399,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its position in shares of Adobe by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock valued at $4,739,788,000 after acquiring an additional 151,286 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Adobe by 14.4% during the 1st quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock valued at $2,504,685,000 after acquiring an additional 821,293 shares during the last quarter. Norges Bank acquired a new position in shares of Adobe during the 4th quarter valued at about $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Adobe by 12.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock valued at $2,375,345,000 after acquiring an additional 600,146 shares during the last quarter. Finally, Northern Trust Corp boosted its position in shares of Adobe by 14.5% during the 4th quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock valued at $2,363,125,000 after acquiring an additional 672,919 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.
Adobe Stock Up 1.4%
Shares of ADBE stock traded up $5.19 during trading hours on Tuesday, reaching $372.87. 2,445,587 shares of the stock were exchanged, compared to its average volume of 3,470,563. The business's fifty day moving average is $394.20 and its two-hundred day moving average is $402.45. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The firm has a market capitalization of $158.17 billion, a P/E ratio of 23.86, a P/E/G ratio of 1.73 and a beta of 1.51.
Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 EPS 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 net margin of 30.39% and a return on equity of 53.68%. The firm's revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the firm posted $4.48 earnings per share. As a group, research analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.
Wall Street Analysts Forecast Growth
Several brokerages have recently weighed in on ADBE. Evercore ISI reissued an "outperform" rating and set a $475.00 price target on shares of Adobe in a research report on Friday, June 13th. JMP Securities reissued a "market perform" rating on shares of Adobe in a research report on Monday, June 23rd. Jefferies Financial Group lowered their price target on shares of Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Stifel Nicolaus decreased their target price on shares of Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a research report on Friday, June 13th. Finally, Morgan Stanley decreased 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. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $473.88.
Read Our Latest Analysis on ADBE
Adobe Company Profile
(
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.
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