Border to Coast Pensions Partnership Ltd Purchases 4,770 Shares of Adobe Inc. (NASDAQ:ADBE)

Border to Coast Pensions Partnership Ltd increased its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 5.1% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 98,921 shares of the software company's stock after purchasing an additional 4,770 shares during the quarter. Border to Coast Pensions Partnership Ltd's holdings in Adobe were worth $37,939,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of ADBE. Siemens Fonds Invest GmbH lifted its stake in shares of Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after buying an additional 39,888 shares during the last quarter. SWAN Capital LLC acquired a new stake in Adobe during the fourth quarter worth approximately $28,000. Copia Wealth Management acquired a new stake in Adobe during the fourth quarter worth approximately $28,000. Summit Securities Group LLC bought a new stake in shares of Adobe during the fourth quarter worth approximately $31,000. Finally, Garde Capital Inc. bought a new position in shares of Adobe during the first quarter worth approximately $34,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms recently issued reports on ADBE. BMO Capital Markets restated an "outperform" rating and issued a $450.00 price target on shares of Adobe in a research note on Friday, June 13th. Evercore ISI reissued an "outperform" rating and issued a $475.00 target price on shares of Adobe in a research report on Friday, June 13th. Jefferies Financial Group decreased their price target on shares of Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a research note on Monday, March 31st. Piper Sandler lowered their price target on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Finally, Summit Redstone set a $410.00 price objective on shares of Adobe in a report on Wednesday, March 19th. Nine 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.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $496.75.

Adobe Trading Down 0.7%

ADBE opened at $384.95 on Friday. The company has a market cap of $164.07 billion, a P/E ratio of 24.63, a PEG ratio of 1.84 and a beta of 1.55. The company has a current ratio of 0.99, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54. The company's 50 day moving average is $392.49 and its 200-day moving average is $412.76. Adobe Inc. has a 1-year low of $332.01 and a 1-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 earnings per share for the quarter, beating 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 company's quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the business posted $4.48 earnings per share. Equities research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.

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