Bridges Investment Management Inc. Grows Holdings in Adobe Inc. (NASDAQ:ADBE)

Bridges Investment Management Inc. grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 2.6% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 144,604 shares of the software company's stock after purchasing an additional 3,601 shares during the quarter. Bridges Investment Management Inc.'s holdings in Adobe were worth $55,460,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Geode Capital Management LLC raised its stake in Adobe by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock worth $4,739,788,000 after acquiring an additional 151,286 shares during the period. Bank of New York Mellon Corp raised its stake in Adobe by 14.4% during the 1st quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock worth $2,504,685,000 after acquiring an additional 821,293 shares during the period. Norges Bank bought a new stake in Adobe during the 4th quarter worth approximately $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Adobe by 12.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock worth $2,375,345,000 after acquiring an additional 600,146 shares during the period. Finally, Northern Trust Corp raised its stake in Adobe by 14.5% during the 4th quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock worth $2,363,125,000 after acquiring an additional 672,919 shares during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.

Analyst Ratings Changes

A number of research firms have commented on ADBE. Evercore ISI restated an "outperform" rating and set a $475.00 target price on shares of Adobe in a research note on Friday, June 13th. Jefferies Financial Group dropped their price target on Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research note on Monday, March 31st. DA Davidson restated a "buy" rating and issued a $500.00 price target on shares of Adobe in a research note on Friday, June 20th. Royal Bank Of Canada restated an "outperform" rating and issued a $480.00 price target on shares of Adobe in a research note on Thursday, June 5th. Finally, Summit Redstone set a $410.00 price target on Adobe in a research note on Wednesday, March 19th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $480.08.

Adobe Trading Down 2.2%

ADBE traded down $8.08 during trading on Friday, reaching $363.35. The company had a trading volume of 3,545,215 shares, compared to its average volume of 3,460,173. The stock has a market cap of $154.13 billion, a P/E ratio of 23.25, a PEG ratio of 1.72 and a beta of 1.51. The business has a 50 day simple moving average of $396.03 and a 200-day simple moving average of $405.54. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. The company had revenue of $5.87 billion during 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%. Adobe's revenue was up 10.6% on a year-over-year basis. During the same period last year, the company earned $4.48 earnings per share. On average, equities analysts anticipate that Adobe Inc. will post 16.65 EPS 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.