Bessemer Group Inc. lessened its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 48.1% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 18,206 shares of the software company's stock after selling 16,903 shares during the period. Bessemer Group Inc.'s holdings in Adobe were worth $6,983,000 at the end of the most recent quarter.
Several other hedge funds have also recently modified their holdings of the business. Spire Wealth Management lifted its position in shares of Adobe by 128.5% in the 1st quarter. Spire Wealth Management now owns 16,514 shares of the software company's stock worth $6,334,000 after purchasing an additional 9,288 shares during the period. waypoint wealth counsel purchased a new stake in shares of Adobe in the 1st quarter worth approximately $216,000. Valicenti Advisory Services Inc. lifted its position in shares of Adobe by 20.8% in the 1st quarter. Valicenti Advisory Services Inc. now owns 9,007 shares of the software company's stock worth $3,454,000 after purchasing an additional 1,552 shares during the period. Mattern Capital Management LLC raised its stake in shares of Adobe by 26.8% during the 1st quarter. Mattern Capital Management LLC now owns 2,623 shares of the software company's stock worth $1,006,000 after acquiring an additional 554 shares in the last quarter. Finally, Riverbend Wealth Management LLC raised its stake in shares of Adobe by 38.2% during the 1st quarter. Riverbend Wealth Management LLC now owns 1,825 shares of the software company's stock worth $700,000 after acquiring an additional 504 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.
Analysts Set New Price Targets
ADBE has been the subject of several recent analyst reports. Phillip Securities upgraded shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a research note on Monday, June 16th. DA Davidson reiterated a "buy" rating and set a $500.00 price objective on shares of Adobe in a research note on Friday, June 20th. Piper Sandler reduced their price objective on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Evercore ISI reiterated an "outperform" rating and set a $475.00 price objective on shares of Adobe in a research note on Friday, June 13th. Finally, Citigroup reduced their price objective on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a research note on Monday, June 16th. Nine analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $496.75.
Read Our Latest Research Report on ADBE
Adobe Stock Performance
Shares of NASDAQ:ADBE traded up $0.88 during midday trading on Friday, reaching $385.83. The company's stock had a trading volume of 5,081,963 shares, compared to its average volume of 3,411,343. The firm has a market capitalization of $164.44 billion, a PE ratio of 24.69, a P/E/G ratio of 1.84 and a beta of 1.55. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The stock has a fifty day moving average of $392.49 and a 200 day moving average of $412.76. The company has a quick ratio of 1.18, a current ratio of 0.99 and a debt-to-equity ratio of 0.54.
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, topping analysts' consensus estimates of $4.97 by $0.09. The firm had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business's quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.48 earnings per share. On average, equities analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.
Adobe Company Profile
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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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