Adobe Inc. (NASDAQ:ADBE) Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp raised its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 14.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 6,530,611 shares of the software company's stock after buying an additional 821,293 shares during the period. Bank of New York Mellon Corp owned about 1.53% of Adobe worth $2,504,685,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Generali Investments CEE investicni spolecnost a.s. increased its position in Adobe by 15.5% during the first quarter. Generali Investments CEE investicni spolecnost a.s. now owns 9,675 shares of the software company's stock worth $3,711,000 after purchasing an additional 1,297 shares during the last quarter. Wayfinding Financial LLC acquired a new position in Adobe during the 1st quarter worth about $88,000. Ceera Investments LLC grew its holdings in shares of Adobe by 48.6% in the first quarter. Ceera Investments LLC now owns 15,726 shares of the software company's stock valued at $6,031,000 after purchasing an additional 5,141 shares in the last quarter. Capital Investment Advisory Services LLC increased its position in shares of Adobe by 4.7% during the first quarter. Capital Investment Advisory Services LLC now owns 2,099 shares of the software company's stock worth $805,000 after acquiring an additional 95 shares during the period. Finally, Impax Asset Management Group plc raised its position in Adobe by 3.6% in the 1st quarter. Impax Asset Management Group plc now owns 2,267 shares of the software company's stock valued at $869,000 after purchasing an additional 78 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Trading Up 0.3%

Shares of NASDAQ:ADBE traded up $1.09 during trading on Friday, reaching $379.56. The stock had a trading volume of 2,863,680 shares, compared to its average volume of 3,432,840. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The stock has a market cap of $161.01 billion, a P/E ratio of 24.28, a PEG ratio of 1.80 and a beta of 1.51. The business has a fifty day moving average price of $396.09 and a 200-day moving average price of $408.27. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last released its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.09. The firm had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the prior year, the business posted $4.48 earnings per share. As a group, analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have commented on ADBE shares. Piper Sandler lowered their price target 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. UBS Group lifted their price target on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a report on Monday, June 9th. Wells Fargo & Company reiterated an "overweight" rating and issued a $470.00 price objective (up previously from $430.00) on shares of Adobe in a report on Friday, June 13th. Bank of America raised their price objective on shares of Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a report on Friday, June 13th. Finally, Summit Redstone set a $410.00 price objective on shares of Adobe in a research report on Wednesday, March 19th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $480.08.

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.