Close Asset Management Ltd Raises Holdings in Adobe Inc. (NASDAQ:ADBE)

Close Asset Management Ltd boosted its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 13.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 99,769 shares of the software company's stock after acquiring an additional 12,092 shares during the quarter. Adobe comprises approximately 1.1% of Close Asset Management Ltd's portfolio, making the stock its 27th biggest holding. Close Asset Management Ltd's holdings in Adobe were worth $38,258,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of ADBE. Norges Bank purchased a new position in shares of Adobe in the 4th quarter worth about $2,553,035,000. GAMMA Investing LLC boosted its position in Adobe by 46,806.6% during the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock valued at $1,147,049,000 after purchasing an additional 2,984,391 shares during the period. OVERSEA CHINESE BANKING Corp Ltd boosted its position in Adobe by 1,482.7% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company's stock valued at $498,000 after purchasing an additional 1,216,351 shares during the period. Arrowstreet Capital Limited Partnership boosted its position in Adobe by 82.4% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock valued at $937,291,000 after purchasing an additional 952,233 shares during the period. Finally, Two Sigma Advisers LP boosted its position in Adobe by 1,414.5% during the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock valued at $395,321,000 after purchasing an additional 830,300 shares during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Trading Down 0.3%

Shares of NASDAQ ADBE traded down $0.95 during midday trading on Friday, reaching $370.74. The company had a trading volume of 2,041,507 shares, compared to its average volume of 3,768,140. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. 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 firm's fifty day moving average price is $391.94 and its 200-day moving average price is $401.19. The stock has a market cap of $157.27 billion, a PE ratio of 23.72, a price-to-earnings-growth ratio of 1.77 and a beta of 1.51.

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

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of recent analyst reports. DA Davidson reaffirmed a "buy" rating and set a $500.00 target price on shares of Adobe in a research report on Friday, June 20th. Stifel Nicolaus decreased their target price on Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a research note on Friday, June 13th. Citigroup cut their price target on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a report on Monday, June 16th. Phillip Securities upgraded Adobe from a "moderate sell" rating to a "strong-buy" rating in a research note on Monday, June 16th. Finally, Bank of America increased their target price on Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a report on Friday, June 13th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target 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.