Cwm LLC grew its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 27.7% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 65,012 shares of the software company's stock after buying an additional 14,091 shares during the period. Cwm LLC's holdings in Adobe were worth $24,934,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in ADBE. Geode Capital Management LLC boosted its holdings in Adobe by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock worth $4,739,788,000 after buying an additional 151,286 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Adobe by 14.4% in the first quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock worth $2,504,685,000 after acquiring an additional 821,293 shares during the period. Norges Bank bought a new position in shares of Adobe in the fourth quarter worth about $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of Adobe by 12.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock worth $2,375,345,000 after purchasing an additional 600,146 shares in the last quarter. Finally, Northern Trust Corp raised its stake in Adobe by 14.5% during the 4th quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock valued at $2,363,125,000 after purchasing an additional 672,919 shares during the period. 81.79% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Several research analysts have weighed in on the company. KeyCorp upgraded Adobe from an "underweight" rating to a "sector weight" rating in a research note on Friday, March 21st. Robert W. Baird raised their target price on shares of Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research note on Monday, June 16th. Wells Fargo & Company reiterated 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. BMO Capital Markets reissued an "outperform" rating and set a $450.00 price objective on shares of Adobe in a report on Friday, June 13th. Finally, JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a report on Monday, June 23rd. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $473.88.
Check Out Our Latest Analysis on Adobe
Adobe Price Performance
ADBE opened at $363.35 on Monday. 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 business has a fifty day moving average of $396.03 and a 200 day moving average of $405.23. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The stock has a market cap of $154.13 billion, a P/E ratio of 23.25, a PEG ratio of 1.72 and a beta of 1.51.
Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating 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. During the same period in the previous year, the firm earned $4.48 earnings per share. The business's revenue was up 10.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.
Adobe Company Profile
(
Free Report)
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.
Further Reading
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