DAVENPORT & Co LLC raised its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 18.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 364,444 shares of the software company's stock after purchasing an additional 56,406 shares during the period. Adobe accounts for 0.8% of DAVENPORT & Co LLC's holdings, making the stock its 27th biggest holding. DAVENPORT & Co LLC owned 0.09% of Adobe worth $139,974,000 as of its most recent filing with the Securities and Exchange Commission.
Several other institutional investors have also recently made changes to their positions in the stock. Summit Trail Advisors LLC increased its position in 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 in the last quarter. Clear Creek Financial Management LLC increased its holdings in shares of Adobe by 93.4% during the first quarter. Clear Creek Financial Management LLC now owns 2,448 shares of the software company's stock valued at $939,000 after acquiring an additional 1,182 shares in the last quarter. Smith Group Asset Management LLC increased its holdings in shares of Adobe by 4.8% during the first quarter. Smith Group Asset Management LLC now owns 48,353 shares of the software company's stock valued at $18,545,000 after acquiring an additional 2,230 shares in the last quarter. Rovin Capital UT ADV raised its position in shares of Adobe by 13.3% during the first quarter. Rovin Capital UT ADV now owns 1,325 shares of the software company's stock worth $508,000 after purchasing an additional 156 shares during the period. Finally, Astoria Portfolio Advisors LLC. lifted its holdings in shares of Adobe by 125.6% in the 1st quarter. Astoria Portfolio Advisors LLC. now owns 2,931 shares of the software company's stock worth $1,031,000 after purchasing an additional 1,632 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.
Adobe Stock Performance
NASDAQ ADBE traded up $5.22 during trading hours on Tuesday, reaching $392.10. 4,514,147 shares of the company were exchanged, compared to its average volume of 3,408,761. The stock has a market capitalization of $166.33 billion, a P/E ratio of 25.09, a P/E/G ratio of 1.83 and a beta of 1.55. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The business's 50 day simple moving average is $394.10 and its 200-day simple moving average is $409.69.
Adobe (NASDAQ:ADBE - Get Free Report) last released its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share 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 the consensus estimate of $5.80 billion. During the same period in the prior year, the firm earned $4.48 EPS. The company's revenue was up 10.6% compared to the same quarter last year. On average, equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.
Wall Street Analysts Forecast Growth
A number of analysts have commented on the stock. Royal Bank Of Canada restated an "outperform" rating and set a $480.00 price target on shares of Adobe in a research note on Thursday, June 5th. Piper Sandler decreased their target price on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research report on Wednesday, April 23rd. 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. Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. Finally, Phillip Securities raised Adobe from a "moderate sell" rating to a "strong-buy" rating in a research note on Monday, June 16th. Nine research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $496.75.
Read Our Latest Analysis on Adobe
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.
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