CX Institutional Increases Holdings in Adobe Inc. (NASDAQ:ADBE)

CX Institutional increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 420.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,510 shares of the software company's stock after purchasing an additional 10,914 shares during the period. CX Institutional's holdings in Adobe were worth $5,181,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Siemens Fonds Invest GmbH increased its position 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 valued at $25,000 after acquiring an additional 39,888 shares during the last quarter. SWAN Capital LLC bought a new position in shares of Adobe in the fourth quarter valued at $28,000. Copia Wealth Management bought a new position in shares of Adobe in the fourth quarter valued at $28,000. Summit Securities Group LLC acquired a new position in Adobe during the fourth quarter worth $31,000. Finally, Bernard Wealth Management Corp. acquired a new stake in Adobe in the fourth quarter valued at $36,000. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Stock Down 5.4%

Adobe stock traded down $22.32 during mid-day trading on Friday, reaching $391.37. The stock had a trading volume of 8,360,446 shares, compared to its average volume of 3,439,678. The firm has a market capitalization of $166.80 billion, a PE ratio of 31.58, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The stock's 50-day simple moving average is $385.73 and its 200-day simple moving average is $422.64. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same quarter last year, the firm posted $4.48 EPS. On average, sell-side analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on ADBE shares. Oppenheimer dropped their price target on Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research note on Friday. Stifel Nicolaus cut their price objective on shares of Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a research report on Friday. Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. UBS Group increased their price objective on shares of Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a research note on Monday. Finally, Wells Fargo & Company raised their price objective on Adobe from $430.00 to $470.00 and gave the company an "overweight" rating in a report on Friday. Nine research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $494.67.

Insider Buying and Selling at Adobe

In related news, CFO Daniel Durn purchased 1,300 shares of the business's stock in a transaction on Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the purchase, the chief financial officer now owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.16% of the company's stock.

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.