D.A. Davidson & CO. Boosts Holdings in Adobe Inc. (NASDAQ:ADBE)

D.A. Davidson & CO. boosted its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 14.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 56,435 shares of the software company's stock after acquiring an additional 7,283 shares during the period. D.A. Davidson & CO.'s holdings in Adobe were worth $21,645,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of ADBE. Garde Capital Inc. acquired a new stake in shares of Adobe during the 1st quarter worth approximately $34,000. Arizona State Retirement System boosted its stake in Adobe by 0.4% during the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock worth $56,784,000 after acquiring an additional 570 shares in the last quarter. Krane Funds Advisors LLC raised its holdings in shares of Adobe by 110.4% during the first quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company's stock valued at $533,000 after purchasing an additional 730 shares during the period. Burling Wealth Partners LLC bought a new position in shares of Adobe during the 4th quarter worth about $1,173,000. Finally, Summit Trail Advisors LLC grew its stake in shares of Adobe by 36.2% in the 1st quarter. Summit Trail Advisors LLC now owns 9,719 shares of the software company's stock valued at $3,728,000 after buying an additional 2,583 shares during the period. 81.79% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of analyst reports. Oppenheimer lowered their target price 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. Citigroup lowered their price objective on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a research report on Monday, June 16th. DA Davidson reiterated a "buy" rating and set a $500.00 price target on shares of Adobe in a research note on Friday, June 20th. Wall Street Zen upgraded shares of Adobe from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. Finally, Wells Fargo & Company reissued an "overweight" rating and issued a $470.00 price target (up from $430.00) on shares of Adobe in a report on Friday, June 13th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Adobe presently has a consensus rating of "Moderate Buy" and an average target price of $480.08.

Adobe Trading Up 0.3%

NASDAQ:ADBE traded up $1.09 during mid-day trading on Friday, reaching $379.56. 2,863,680 shares of the company's stock traded hands, compared to its average volume of 3,430,343. The company has a 50 day moving average price of $395.85 and a 200-day moving average price of $408.79. The firm has a market capitalization of $161.01 billion, a price-to-earnings ratio of 24.28, a PEG ratio of 1.79 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly 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. The company had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. During the same period last year, the company posted $4.48 EPS. Adobe's revenue was up 10.6% on a year-over-year basis. On average, sell-side analysts predict 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.