Beech Hill Advisors Inc. acquired a new stake in Adobe Inc. (NASDAQ:ADBE - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 3,324 shares of the software company's stock, valued at approximately $1,275,000.
A number of other hedge funds also recently bought and sold shares of the business. Sepio Capital LP raised its stake in shares of Adobe by 2.3% in the 4th quarter. Sepio Capital LP now owns 993 shares of the software company's stock valued at $442,000 after purchasing an additional 22 shares in the last quarter. Cadence Bank raised its stake in shares of Adobe by 0.5% in the 4th quarter. Cadence Bank now owns 4,883 shares of the software company's stock valued at $2,171,000 after purchasing an additional 22 shares in the last quarter. Eagle Strategies LLC raised its stake in shares of Adobe by 1.5% in the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock valued at $651,000 after purchasing an additional 22 shares in the last quarter. RB Capital Management LLC raised its stake in shares of Adobe by 0.4% in the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock valued at $2,198,000 after purchasing an additional 22 shares in the last quarter. Finally, Orin Green Financial LLC raised its stake in Adobe by 3.8% during the fourth quarter. Orin Green Financial LLC now owns 621 shares of the software company's stock worth $276,000 after acquiring an additional 23 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.
Wall Street Analyst Weigh In
ADBE has been the subject of several recent research reports. JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a report on Monday. Morgan Stanley lowered their target price on Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. DA Davidson restated a "buy" rating and issued a $500.00 target price on shares of Adobe in a research report on Friday, June 20th. Piper Sandler lowered their target price on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Finally, Wells Fargo & Company restated an "overweight" rating and issued a $470.00 target price (up from $430.00) on shares of Adobe in a research report on Friday, June 13th. Nine investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $496.75.
View Our Latest Analysis on ADBE
Adobe Price Performance
Shares of ADBE traded up $0.88 during trading hours on Friday, hitting $385.83. 5,081,963 shares of the company were exchanged, compared to its average volume of 3,406,087. The company has a market capitalization of $163.67 billion, a PE ratio of 24.69, a PEG ratio of 1.82 and a beta of 1.55. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 1.18. The firm has a fifty day simple moving average of $393.23 and a 200-day simple moving average of $411.65. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75.
Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping the consensus estimate of $4.97 by $0.09. The business had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. Adobe's revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the firm posted $4.48 earnings per share. As a group, sell-side analysts predict 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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