Charles Schwab Investment Management Inc. Has $1.11 Billion Position in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Charles Schwab Investment Management Inc. has increased its stake in Adobe Inc. by 3.2%, now owning approximately 2,898,297 shares valued at over $1.11 billion.
• Several institutional investors have also adjusted their positions in Adobe, with 81.79% of the stock now held by hedge funds and other institutional investors.
• Adobe's stock performance has seen a year-over-year revenue increase of 10.6% with earnings surpassing estimates at $5.06 per share for the last quarter.

Charles Schwab Investment Management Inc. increased its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 3.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,898,297 shares of the software company's stock after acquiring an additional 89,388 shares during the period. Charles Schwab Investment Management Inc. owned approximately 0.68% of Adobe worth $1,111,584,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ADBE. Copia Wealth Management purchased a new stake in shares of Adobe in the 4th quarter valued at approximately $28,000. SWAN Capital LLC purchased a new stake in shares of Adobe in the 4th quarter valued at approximately $28,000. Barnes Dennig Private Wealth Management LLC purchased a new stake in shares of Adobe in the 1st quarter valued at approximately $26,000. HHM Wealth Advisors LLC purchased a new stake in shares of Adobe in the 1st quarter valued at approximately $30,000. Finally, Bernard Wealth Management Corp. purchased a new stake in shares of Adobe in the 4th quarter valued at approximately $36,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on ADBE shares. BMO Capital Markets restated an "outperform" rating and issued a $450.00 price target on shares of Adobe in a research report on Friday, June 13th. Oppenheimer cut their target price on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. DA Davidson reiterated a "buy" rating and issued a $500.00 target price on shares of Adobe in a research report on Friday, June 20th. JMP Securities reiterated a "market perform" rating on shares of Adobe in a research report on Monday, June 23rd. Finally, Piper Sandler cut their target price on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe has an average rating of "Moderate Buy" and a consensus target price of $473.88.

Adobe Stock Performance

NASDAQ:ADBE traded up $2.78 during midday trading on Friday, reaching $341.05. The stock had a trading volume of 3,506,570 shares, compared to its average volume of 3,402,612. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The firm's fifty day simple moving average is $378.55 and its 200-day simple moving average is $396.05. 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 stock has a market capitalization of $144.67 billion, a P/E ratio of 21.82, a PEG ratio of 1.60 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.09. The company had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business's quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the business posted $4.48 EPS. On average, equities research analysts forecast 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.