Ballentine Partners LLC Boosts Stake in Adobe Inc. (NASDAQ:ADBE)

Ballentine Partners LLC increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 14.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 8,082 shares of the software company's stock after acquiring an additional 1,041 shares during the quarter. Ballentine Partners LLC's holdings in Adobe were worth $3,099,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in ADBE. Riversedge Advisors LLC bought a new position in Adobe in the first quarter valued at about $207,000. Callahan Advisors LLC raised its position in Adobe by 34.7% in the first quarter. Callahan Advisors LLC now owns 19,620 shares of the software company's stock valued at $7,525,000 after purchasing an additional 5,054 shares during the last quarter. Country Club Bank raised its position in Adobe by 1.2% in the first quarter. Country Club Bank now owns 3,338 shares of the software company's stock valued at $1,287,000 after purchasing an additional 40 shares during the last quarter. Ramsay Stattman Vela & Price Inc. increased its stake in shares of Adobe by 3.6% in the first quarter. Ramsay Stattman Vela & Price Inc. now owns 11,975 shares of the software company's stock valued at $4,593,000 after buying an additional 415 shares during the period. Finally, MJP Associates Inc. ADV increased its stake in shares of Adobe by 13.2% in the first quarter. MJP Associates Inc. ADV now owns 855 shares of the software company's stock valued at $328,000 after buying an additional 100 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on ADBE shares. Morgan Stanley decreased their price target on Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. DA Davidson reaffirmed a "buy" rating and set a $500.00 target price on shares of Adobe in a research note on Friday, June 20th. Robert W. Baird raised their target price on Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research note on Monday, June 16th. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and set a $470.00 target price (up previously from $430.00) on shares of Adobe in a research note on Friday, June 13th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $473.88.

Adobe Stock Up 1.0%

NASDAQ ADBE traded up $3.64 on Monday, hitting $366.99. The stock had a trading volume of 2,897,218 shares, compared to its average volume of 3,457,926. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The business's fifty day moving average price is $396.03 and its 200 day moving average price is $405.23. 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 $155.68 billion, a price-to-earnings ratio of 23.48, a price-to-earnings-growth ratio of 1.72 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last posted 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. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same period in the prior year, the company earned $4.48 earnings per share. The firm's revenue was up 10.6% on a year-over-year basis. Equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Adobe 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.