Breakwater Capital Group Raises Position in Adobe Inc. (NASDAQ:ADBE)

Breakwater Capital Group boosted its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 165.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,353 shares of the software company's stock after purchasing an additional 843 shares during the period. Breakwater Capital Group's holdings in Adobe were worth $519,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the business. Siemens Fonds Invest GmbH increased its holdings in Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after buying an additional 39,888 shares during the last quarter. SWAN Capital LLC acquired a new position in shares of Adobe during the fourth quarter valued at $28,000. Copia Wealth Management acquired a new position in Adobe during the fourth quarter worth about $28,000. Summit Securities Group LLC bought a new stake in Adobe in the fourth quarter worth about $31,000. Finally, Caitlin John LLC lifted its holdings in Adobe by 171.4% in the 4th quarter. Caitlin John LLC now owns 76 shares of the software company's stock valued at $34,000 after acquiring an additional 48 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of research reports. JPMorgan Chase & Co. dropped their target price on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Wells Fargo & Company reduced their price objective on Adobe from $600.00 to $430.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Citigroup cut their target price on Adobe from $551.00 to $490.00 and set a "neutral" rating on the stock in a research report on Monday, March 10th. Finally, DA Davidson reduced their target price on Adobe from $600.00 to $450.00 and set a "buy" rating for the company in a report on Monday, April 14th. Eleven research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $502.88.

Adobe Stock Performance

Shares of ADBE stock opened at $415.20 on Friday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The stock's 50-day moving average is $380.73 and its two-hundred day moving average is $425.81. The firm has a market cap of $176.96 billion, a P/E ratio of 33.48, a PEG ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to analyst estimates of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the previous year, the business earned $4.48 EPS. Analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Daniel Durn acquired 1,300 shares of the stock in a transaction dated Thursday, March 20th. The shares were acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.16% of the company's stock.

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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