Deutsche Bank AG Raises Stock Position in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Deutsche Bank AG has increased its stake in Adobe Inc. by 6.8%, holding approximately 3.73 million shares worth $1.43 billion, which constitutes about 0.6% of its investment portfolio.
• Institutional investors, including GAMMA Investing LLC and Goldman Sachs Group Inc., have also significantly increased their positions in Adobe, with GAMMA growing its holdings by 46,806.6%.
• Adobe's stock recently traded down 2.1% to $338.27, despite reporting positive earnings that surpassed analysts' expectations with $5.06 EPS for the last quarter.

Deutsche Bank AG boosted its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 6.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,735,509 shares of the software company's stock after buying an additional 238,542 shares during the period. Adobe makes up 0.6% of Deutsche Bank AG's investment portfolio, making the stock its 27th biggest holding. Deutsche Bank AG owned approximately 0.88% of Adobe worth $1,432,680,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Chicago Partners Investment Group LLC grew its stake in Adobe by 6.8% in the 1st quarter. Chicago Partners Investment Group LLC now owns 3,494 shares of the software company's stock valued at $1,345,000 after buying an additional 223 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in Adobe by 3.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,898,297 shares of the software company's stock valued at $1,111,584,000 after buying an additional 89,388 shares in the last quarter. Coign Capital Advisors LLC grew its stake in Adobe by 12.4% in the 1st quarter. Coign Capital Advisors LLC now owns 1,499 shares of the software company's stock valued at $575,000 after buying an additional 165 shares in the last quarter. ASR Vermogensbeheer N.V. purchased a new position in Adobe in the 1st quarter valued at approximately $48,941,000. Finally, Citizens Financial Group Inc. RI grew its stake in Adobe by 2.2% in the 1st quarter. Citizens Financial Group Inc. RI now owns 26,997 shares of the software company's stock valued at $10,354,000 after buying an additional 582 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

ADBE has been the subject of a number of recent analyst reports. UBS Group boosted their price target on shares of Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a research report on Monday, June 9th. Phillip Securities upgraded shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a research report on Monday, June 16th. Piper Sandler reduced their price target 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. Mizuho reduced their price target on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $480.00 price target on shares of Adobe in a research report on Thursday, June 5th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $473.88.

Adobe Stock Up 0.8%

ADBE traded up $2.78 during midday trading on Friday, reaching $341.05. The company's stock had a trading volume of 3,506,570 shares, compared to its average volume of 3,402,612. The firm has a market capitalization of $144.67 billion, a price-to-earnings ratio of 21.82, a PEG ratio of 1.62 and a beta of 1.51. 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 1 year low of $332.01 and a 1 year high of $587.75. The stock's 50-day moving average is $378.55 and its 200-day moving average is $395.76.

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, topping 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 business had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.80 billion. During the same quarter in the prior year, the company earned $4.48 earnings per share. The business's revenue was up 10.6% compared to the same quarter last year. As a group, research 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.