Banque Cantonale Vaudoise Acquires Shares of 19,984 Adobe Inc. (NASDAQ:ADBE)

Key Points

• Banque Cantonale Vaudoise acquired nearly 20,000 shares of Adobe Inc., valued at approximately $7.66 million, indicating institutional interest in the company.
• Adobe reported a strong quarterly performance with earnings per share of $5.06, exceeding analysts' expectations and showing a year-over-year revenue increase of 10.6%.
• Current analyst ratings for Adobe show a mix, with 16 buy ratings and a moderate buy average price target of $473.88.

Banque Cantonale Vaudoise acquired a new position in Adobe Inc. (NASDAQ:ADBE - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund acquired 19,984 shares of the software company's stock, valued at approximately $7,664,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of ADBE. GAMMA Investing LLC raised its position in shares of Adobe by 46,806.6% during the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock worth $1,147,049,000 after purchasing an additional 2,984,391 shares during the period. OVERSEA CHINESE BANKING Corp Ltd raised its position in shares of Adobe by 1,482.7% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company's stock worth $498,000 after purchasing an additional 1,216,351 shares during the period. Two Sigma Advisers LP raised its position in shares of Adobe by 1,414.5% during the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock worth $395,321,000 after purchasing an additional 830,300 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Adobe during the fourth quarter worth $365,750,000. Finally, Bank of New York Mellon Corp raised its position in shares of Adobe by 14.4% during the first quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock worth $2,504,685,000 after purchasing an additional 821,293 shares during the period. Institutional investors own 81.79% of the company's stock.

Analyst Ratings Changes

ADBE has been the topic of a number of research analyst reports. JMP Securities reiterated a "market perform" rating on shares of Adobe in a report on Monday, June 23rd. Wells Fargo & Company reiterated an "overweight" rating and set a $470.00 price target (up previously from $430.00) on shares of Adobe in a report on Friday, June 13th. Piper Sandler lowered their price target on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. BMO Capital Markets reiterated an "outperform" rating and set a $450.00 price target on shares of Adobe in a report on Friday, June 13th. Finally, Rothschild & Co Redburn downgraded Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price target on the stock. in a report on Wednesday, July 2nd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $473.88.

Adobe Price Performance

Shares of ADBE stock traded down $10.05 during trading hours on Friday, hitting $347.64. The company had a trading volume of 3,036,786 shares, compared to its average volume of 3,765,305. 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 $147.47 billion, a price-to-earnings ratio of 22.25, a PEG ratio of 1.73 and a beta of 1.51. The firm's fifty day moving average is $386.92 and its 200 day moving average is $399.51. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data 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. Adobe had a return on equity of 53.68% and a net margin of 30.39%. 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 posted $4.48 EPS. The company's revenue was up 10.6% compared to the same quarter last year. On average, sell-side analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal 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.