Carnegie Investment Counsel Has $38.21 Million Position in Adobe Inc. (NASDAQ:ADBE)

Carnegie Investment Counsel raised its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 81.3% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 104,925 shares of the software company's stock after acquiring an additional 47,036 shares during the period. Adobe makes up approximately 0.9% of Carnegie Investment Counsel's investment portfolio, making the stock its 24th largest position. Carnegie Investment Counsel's holdings in Adobe were worth $38,211,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in ADBE. Geode Capital Management LLC increased its position in Adobe by 1.4% during the fourth 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 boosted its holdings in Adobe by 14.4% in the 1st quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock valued at $2,504,685,000 after purchasing an additional 821,293 shares during the period. Norges Bank acquired a new position in shares of Adobe during the 4th quarter worth approximately $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Adobe by 12.7% during the fourth 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 purchasing an additional 600,146 shares during the period. Finally, Northern Trust Corp increased its holdings in shares of Adobe by 14.5% during the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock worth $2,363,125,000 after purchasing an additional 672,919 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Price Performance

Shares of NASDAQ:ADBE traded down $0.95 during trading on Friday, hitting $370.74. 2,052,034 shares of the company were exchanged, compared to its average volume of 3,416,126. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The company has a market capitalization of $157.27 billion, a P/E ratio of 23.72, a price-to-earnings-growth ratio of 1.76 and a beta of 1.51. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The business's 50 day moving average is $391.94 and its 200-day moving average is $401.19.

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 for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. The business had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. Adobe's quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $4.48 EPS. Equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Citigroup cut their price target on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a research note on Monday, June 16th. Oppenheimer dropped their price objective on Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a report on Friday, June 13th. Rothschild & Co Redburn downgraded Adobe from a "neutral" rating to a "sell" rating and set a $280.00 target price for the company. in a research report on Wednesday, July 2nd. UBS Group raised their price target on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research report on Monday, June 9th. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and issued a $470.00 price target (up previously from $430.00) on shares of Adobe in a research note on Friday, June 13th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $473.88.

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.