Callahan Advisors LLC Has $7.53 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Callahan Advisors LLC boosted its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 34.7% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,620 shares of the software company's stock after buying an additional 5,054 shares during the period. Callahan Advisors LLC's holdings in Adobe were worth $7,525,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Siemens Fonds Invest GmbH grew its stake in Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after purchasing an additional 39,888 shares in the last quarter. Barnes Dennig Private Wealth Management LLC bought a new position in Adobe in the first quarter worth approximately $26,000. SWAN Capital LLC bought a new position in Adobe in the fourth quarter worth approximately $28,000. Copia Wealth Management bought a new position in Adobe in the fourth quarter worth approximately $28,000. Finally, Summit Securities Group LLC bought a new position in Adobe in the fourth quarter worth approximately $31,000. 81.79% of the stock is owned by institutional investors.

Adobe Stock Performance

ADBE traded down $8.08 during trading hours on Friday, reaching $363.35. The company's stock had a trading volume of 3,545,215 shares, compared to its average volume of 3,454,388. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The company's 50-day moving average is $396.38 and its 200-day moving average is $406.42. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The firm has a market cap of $154.13 billion, a PE ratio of 23.25, a price-to-earnings-growth ratio of 1.76 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company's quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the business earned $4.48 EPS. On average, equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Analysts Set New Price Targets

Several analysts have issued reports on ADBE shares. Oppenheimer dropped 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. Bank of America lifted their price objective on Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a research note on Friday, June 13th. Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Rothschild & Co Redburn cut Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price objective on the stock. in a report on Wednesday, July 2nd. Finally, Summit Redstone set a $410.00 target price on Adobe in a report on Wednesday, March 19th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Adobe presently has an average rating of "Moderate Buy" and an average target price of $480.08.

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.