Clark Capital Management Group Inc. Has $3.43 Million Holdings in Adobe Inc. $ADBE

Key Points

• Clark Capital Management Group Inc. has increased its holdings in Adobe Inc. by 23.3%, owning a total of 8,951 shares valued at approximately $3.43 million as of the latest SEC filing.
• Major Wall Street analysts have altered their price targets for Adobe, with estimates ranging from $400 to $480, reflecting mixed sentiment among analysts with a majority rating it as a Buy.
• Adobe recently reported $5.06 earnings per share for the last quarter, surpassing estimates, and indicated strong revenue growth of 10.6% year-over-year.

Clark Capital Management Group Inc. increased its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 23.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,951 shares of the software company's stock after purchasing an additional 1,694 shares during the quarter. Clark Capital Management Group Inc.'s holdings in Adobe were worth $3,433,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of ADBE. Siemens Fonds Invest GmbH raised its position in Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after buying an additional 39,888 shares during the period. 1248 Management LLC bought a new position in shares of Adobe in the 1st quarter valued at approximately $25,000. Barnes Dennig Private Wealth Management LLC acquired a new stake in Adobe in the 1st quarter worth approximately $26,000. SWAN Capital LLC bought a new stake in Adobe during the fourth quarter worth approximately $28,000. Finally, Copia Wealth Management acquired a new position in Adobe during the fourth quarter valued at approximately $28,000. Institutional investors and hedge funds own 81.79% of the company's stock.

Analyst Ratings Changes

A number of 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. Robert W. Baird raised their price target on Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research report on Monday, June 16th. Redburn Partners set a $280.00 price objective on Adobe in a research report on Monday, September 1st. Oppenheimer lowered their target price on Adobe from $500.00 to $460.00 and set an "outperform" rating on the stock in a report on Tuesday. Finally, Citigroup cut their price target on Adobe from $450.00 to $400.00 and set a "neutral" rating for the company in a report on Thursday. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Adobe presently has an average rating of "Moderate Buy" and an average price target of $444.89.

Adobe Stock Performance

Shares of ADBE traded up $0.39 on Thursday, reaching $350.55. 11,489,162 shares of the stock traded hands, compared to its average volume of 3,411,721. The stock's 50-day moving average price is $357.92 and its 200-day moving average price is $380.45. 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 firm has a market cap of $148.70 billion, a price-to-earnings ratio of 22.43, a P/E/G ratio of 1.66 and a beta of 1.48. Adobe Inc. has a 12 month low of $330.04 and a 12 month high of $587.75.

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 for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The firm had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. During the same quarter in the previous year, the company earned $4.48 earnings per share. The business's revenue was up 10.6% compared to the same quarter last year. Equities 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.