Cetera Investment Advisers Has $39.36 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Cetera Investment Advisers has increased its stake in Adobe Inc. by 11.7%, now holding 102,627 shares valued at approximately $39.36 million.
• Adobe reported earnings of $5.06 per share for the last quarter, exceeding analyst expectations and showing a 10.6% year-over-year revenue increase to $5.87 billion.
• As of June, Adobe has a consensus rating of "Moderate Buy" from analysts, with an average price target of $473.88.

Cetera Investment Advisers increased its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 11.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 102,627 shares of the software company's stock after purchasing an additional 10,785 shares during the period. Cetera Investment Advisers' holdings in Adobe were worth $39,360,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC lifted its stake in Adobe by 2.1% in the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock valued at $3,588,000 after purchasing an additional 167 shares during the last quarter. Bank Pictet & Cie Europe AG lifted its stake in Adobe by 2.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock valued at $12,882,000 after purchasing an additional 756 shares during the last quarter. GHE LLC lifted its stake in Adobe by 2.9% in the 4th quarter. GHE LLC now owns 23,577 shares of the software company's stock valued at $10,484,000 after purchasing an additional 670 shares during the last quarter. New Age Alpha Advisors LLC acquired a new stake in Adobe in the 4th quarter valued at about $1,158,000. Finally, RiverFront Investment Group LLC lifted its stake in Adobe by 63.2% in the 4th quarter. RiverFront Investment Group LLC now owns 764 shares of the software company's stock valued at $340,000 after purchasing an additional 296 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Price Performance

NASDAQ:ADBE traded down $1.27 during mid-day trading on Monday, reaching $369.47. The stock had a trading volume of 2,982,954 shares, compared to its average volume of 3,766,551. The stock has a 50-day simple moving average of $391.01 and a two-hundred day simple moving average of $400.57. The stock has a market capitalization of $156.73 billion, a PE ratio of 23.64, a P/E/G ratio of 1.76 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.97 by $0.09. The business had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The firm's quarterly revenue was up 10.6% compared to the same quarter last year. During the same period last year, the firm posted $4.48 earnings per share. On average, equities analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts recently issued reports on the stock. BMO Capital Markets reiterated an "outperform" rating and issued a $450.00 target price on shares of Adobe in a research note on Friday, June 13th. Bank of America increased their price target on shares of Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a report on Friday, June 13th. Wall Street Zen raised shares of Adobe from a "hold" rating to a "buy" rating in a report on Saturday. Citigroup lowered their price target on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a report on Monday, June 16th. Finally, JMP Securities reissued a "market perform" rating on shares of Adobe in a report on Monday, June 23rd. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus 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.