Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Bridges Investment Management Inc.

Bridges Investment Management Inc. boosted its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 2.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 144,604 shares of the software company's stock after acquiring an additional 3,601 shares during the quarter. Bridges Investment Management Inc.'s holdings in Adobe were worth $55,460,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of ADBE. Nisa Investment Advisors LLC raised its position in Adobe by 1.9% in the 1st quarter. Nisa Investment Advisors LLC now owns 152,675 shares of the software company's stock valued at $58,555,000 after purchasing an additional 2,874 shares in the last quarter. Wealth Advisory Solutions LLC raised its position in Adobe by 38.3% in the 1st quarter. Wealth Advisory Solutions LLC now owns 8,197 shares of the software company's stock valued at $3,144,000 after purchasing an additional 2,268 shares in the last quarter. Harvey Capital Management Inc. raised its position in Adobe by 1.7% in the 1st quarter. Harvey Capital Management Inc. now owns 2,415 shares of the software company's stock valued at $926,000 after purchasing an additional 40 shares in the last quarter. Chemung Canal Trust Co. raised its position in Adobe by 1.5% in the 1st quarter. Chemung Canal Trust Co. now owns 3,368 shares of the software company's stock valued at $1,292,000 after purchasing an additional 51 shares in the last quarter. Finally, Cornerstone Planning Group LLC raised its position in Adobe by 128.6% in the 1st quarter. Cornerstone Planning Group LLC now owns 112 shares of the software company's stock valued at $39,000 after purchasing an additional 63 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Price Performance

ADBE traded down $0.95 during trading on Thursday, reaching $372.43. 2,154,568 shares of the stock were exchanged, compared to its average volume of 3,441,518. The business's 50 day moving average price is $396.44 and its two-hundred day moving average price is $406.94. 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 company has a market capitalization of $157.98 billion, a price-to-earnings ratio of 23.82, a P/E/G ratio of 1.81 and a beta of 1.51. 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 quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The business had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. During the same period in the prior year, the business earned $4.48 earnings per share. The business's revenue was up 10.6% on a year-over-year basis. As a group, equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Oppenheimer cut their target price on Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research report on Friday, June 13th. BMO Capital Markets reissued an "outperform" rating and set a $450.00 target price on shares of Adobe in a research report on Friday, June 13th. Bank of America raised their target price on Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a research report on Friday, June 13th. JPMorgan Chase & Co. cut their target price on Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Finally, DA Davidson reissued a "buy" rating and set a $500.00 target price on shares of Adobe in a research report on Friday, June 20th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $480.08.

Adobe 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.