Aurora Investment Counsel purchased a new stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 6,525 shares of the software company's stock, valued at approximately $2,503,000. Adobe comprises approximately 1.4% of Aurora Investment Counsel's holdings, making the stock its 16th biggest position.
A number of other institutional investors have also recently made changes to their positions in the company. Garde Capital Inc. purchased a new position in shares of Adobe during the 1st quarter worth $34,000. Krane Funds Advisors LLC boosted its stake in shares of Adobe by 110.4% during the 1st quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company's stock worth $533,000 after acquiring an additional 730 shares during the last quarter. Burling Wealth Partners LLC purchased a new position in shares of Adobe during the 4th quarter worth $1,173,000. Financial Counselors Inc. boosted its stake in shares of Adobe by 9.2% during the 1st quarter. Financial Counselors Inc. now owns 62,851 shares of the software company's stock worth $24,105,000 after acquiring an additional 5,298 shares during the last quarter. Finally, Summit Trail Advisors LLC boosted its stake in shares of Adobe by 36.2% during the 1st quarter. Summit Trail Advisors LLC now owns 9,719 shares of the software company's stock worth $3,728,000 after acquiring an additional 2,583 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.
Analyst Upgrades and Downgrades
Several analysts have recently commented on ADBE shares. Robert W. Baird raised their price objective on shares of Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research report on Monday, June 16th. DA Davidson restated a "buy" rating and set a $500.00 price objective on shares of Adobe in a research report on Friday, June 20th. Royal Bank Of Canada restated an "outperform" rating and set a $480.00 price objective on shares of Adobe in a research report on Thursday, June 5th. Morgan Stanley decreased their price objective 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. Finally, Citigroup decreased their price objective on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a research report on Monday, June 16th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $473.88.
Check Out Our Latest Analysis on ADBE
Adobe Trading Up 1.0%
Shares of ADBE stock traded up $3.57 during trading hours on Thursday, reaching $365.34. 1,400,741 shares of the stock were exchanged, compared to its average volume of 3,460,975. 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. The company's 50-day moving average price is $394.90 and its 200-day moving average price is $404.10. The firm has a market capitalization of $154.98 billion, a price-to-earnings ratio of 23.38, a price-to-earnings-growth ratio of 1.73 and a beta of 1.51.
Adobe (NASDAQ:ADBE - Get Free Report) last released 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 net margin of 30.39% and a return on equity of 53.68%. The firm had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. During the same period in the previous year, the company earned $4.48 EPS. The firm's revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, equities analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.
About Adobe
(
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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