Bowie Capital Management LLC Purchases 8,958 Shares of Adobe Inc. (NASDAQ:ADBE)

Key Points

• Bowie Capital Management LLC has increased its position in Adobe Inc. by 4.9%, acquiring an additional 8,958 shares, bringing its total to 191,466 shares valued at approximately $73.4 million.
• Adobe experienced significant activity from institutional investors, with some firms like GAMMA Investing LLC and Goldman Sachs Group Inc. increasing their holdings by over 46,000% and 68% respectively during the first quarter.
• Research analysts have mixed views on Adobe's stock, with updates indicating some reductions in price targets, yet an overall "Moderate Buy" consensus rating and a forecast for earnings growth to $16.65 per share for the current year.

Bowie Capital Management LLC increased its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 4.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 191,466 shares of the software company's stock after acquiring an additional 8,958 shares during the period. Adobe comprises about 3.4% of Bowie Capital Management LLC's investment portfolio, making the stock its 17th biggest holding. Bowie Capital Management LLC's holdings in Adobe were worth $73,433,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of ADBE. GAMMA Investing LLC lifted its position in shares of Adobe by 46,806.6% in the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock valued at $1,147,049,000 after acquiring an additional 2,984,391 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Adobe by 68.3% in the first quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company's stock worth $1,754,954,000 after buying an additional 1,856,544 shares in the last quarter. Nuveen LLC bought a new stake in Adobe during the first quarter worth approximately $607,443,000. OVERSEA CHINESE BANKING Corp Ltd increased its stake in 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 acquiring an additional 1,216,351 shares during the last quarter. Finally, Two Sigma Advisers LP increased its stake in 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 acquiring an additional 830,300 shares during the last quarter. Institutional investors own 81.79% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Mizuho cut their target price on Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a research note on Friday, June 13th. Phillip Securities raised Adobe from a "moderate sell" rating to a "strong-buy" rating in a research note on Monday, June 16th. Citigroup dropped their price objective on Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a research note on Monday, June 16th. Stifel Nicolaus dropped their price objective on Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a research note on Friday, June 13th. Finally, JMP Securities reissued a "market perform" rating on shares of Adobe in a research note on Monday, June 23rd. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $467.58.

Adobe Price Performance

NASDAQ ADBE opened at $354.85 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The stock's fifty day moving average price is $371.84 and its 200 day moving average price is $392.84. Adobe Inc. has a 1 year low of $330.04 and a 1 year high of $587.75. The company has a market cap of $150.53 billion, a price-to-earnings ratio of 22.70, a PEG ratio of 1.65 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly 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 company 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 last year, the firm earned $4.48 EPS. As a group, equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

About Adobe

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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