Adobe Inc. (NASDAQ:ADBE) Shares Bought by Core Alternative Capital

Core Alternative Capital increased its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 9,760.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,241 shares of the software company's stock after buying an additional 11,127 shares during the period. Core Alternative Capital's holdings in Adobe were worth $4,311,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently added to or reduced their stakes in the company. Siemens Fonds Invest GmbH raised its holdings in shares of Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after acquiring an additional 39,888 shares during the last quarter. Barnes Dennig Private Wealth Management LLC purchased a new position in Adobe in the 1st quarter valued at about $26,000. SWAN Capital LLC purchased a new stake in shares of Adobe during the fourth quarter worth about $28,000. Copia Wealth Management acquired a new position in shares of Adobe in the fourth quarter valued at approximately $28,000. Finally, Summit Securities Group LLC purchased a new position in shares of Adobe during the fourth quarter valued at approximately $31,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Oppenheimer decreased their price target on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. Bank of America upped their price target on Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a research note on Friday, June 13th. Citigroup decreased their target price on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a report on Monday, June 16th. JMP Securities restated a "market perform" rating on shares of Adobe in a report on Monday, June 23rd. Finally, Robert W. Baird increased their price target on Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a report on Monday, June 16th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $480.08.

Adobe Trading Down 0.3%

Shares of NASDAQ ADBE traded down $0.99 during midday trading on Monday, hitting $378.32. 1,464,009 shares of the company traded hands, compared to its average volume of 3,425,365. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The firm has a market cap of $160.48 billion, a P/E ratio of 24.20, a P/E/G ratio of 1.80 and a beta of 1.51. The stock has a 50-day moving average price of $396.09 and a 200 day moving average price of $407.83. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 EPS 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 during the quarter, compared to analyst estimates of $5.80 billion. The business's revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the previous year, the business posted $4.48 earnings per share. As a group, analysts expect that Adobe Inc. will post 16.65 earnings per share for the current 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.