Cornercap Investment Counsel Inc. Acquires 2,654 Shares of Adobe Inc. (NASDAQ:ADBE)

Cornercap Investment Counsel Inc. raised its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 211.5% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,909 shares of the software company's stock after buying an additional 2,654 shares during the quarter. Cornercap Investment Counsel Inc.'s holdings in Adobe were worth $1,499,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Sepio Capital LP lifted its holdings in Adobe by 2.3% during the 4th quarter. Sepio Capital LP now owns 993 shares of the software company's stock worth $442,000 after buying an additional 22 shares in the last quarter. Cadence Bank lifted its holdings in Adobe by 0.5% during the 4th quarter. Cadence Bank now owns 4,883 shares of the software company's stock worth $2,171,000 after buying an additional 22 shares in the last quarter. Eagle Strategies LLC lifted its holdings in Adobe by 1.5% during the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock worth $651,000 after buying an additional 22 shares in the last quarter. RB Capital Management LLC lifted its holdings in Adobe by 0.4% during the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock worth $2,198,000 after buying an additional 22 shares in the last quarter. Finally, Orin Green Financial LLC lifted its holdings in Adobe by 3.8% during the 4th quarter. Orin Green Financial LLC now owns 621 shares of the software company's stock worth $276,000 after buying an additional 23 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on ADBE shares. Morgan Stanley cut their price target on Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Evercore ISI reissued an "outperform" rating and issued a $475.00 price target on shares of Adobe in a research note on Friday, June 13th. Bank of America increased their price target on Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a research note on Friday, June 13th. Wells Fargo & Company reissued an "overweight" rating and issued a $470.00 price target (up previously from $430.00) on shares of Adobe in a research note on Friday, June 13th. Finally, Rothschild & Co Redburn downgraded Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price target on the stock. in a research note on Wednesday, July 2nd. Two analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Adobe currently has a consensus rating of "Moderate Buy" and a consensus target price of $473.88.

Adobe Stock Down 0.7%

Shares of NASDAQ ADBE traded down $2.41 during mid-day trading on Wednesday, hitting $361.77. The company had a trading volume of 3,590,702 shares, compared to its average volume of 3,468,788. The company has a market capitalization of $153.46 billion, a PE ratio of 23.15, a price-to-earnings-growth ratio of 1.73 and a beta of 1.51. The firm has a 50-day simple moving average of $394.90 and a two-hundred day simple moving average of $404.10. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. Adobe Inc. has a one year low of $332.01 and a one year 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 for the quarter, beating the consensus estimate of $4.97 by $0.09. The company had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. Adobe's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter last year, the company earned $4.48 EPS. On average, equities analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

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.