Dynamic Advisor Solutions LLC Buys 2,631 Shares of Adobe Inc. (NASDAQ:ADBE)

Dynamic Advisor Solutions LLC grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 18.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,860 shares of the software company's stock after buying an additional 2,631 shares during the period. Dynamic Advisor Solutions LLC's holdings in Adobe were worth $6,467,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently made changes to their positions in ADBE. Siemens Fonds Invest GmbH raised its holdings in shares of Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after buying an additional 39,888 shares during the last quarter. SWAN Capital LLC bought a new stake in Adobe during the fourth quarter worth approximately $28,000. Copia Wealth Management bought a new stake in Adobe during the fourth quarter worth approximately $28,000. Summit Securities Group LLC bought a new stake in Adobe during the fourth quarter worth approximately $31,000. Finally, Bernard Wealth Management Corp. bought a new stake in Adobe during the fourth quarter worth approximately $36,000. Institutional investors own 81.79% of the company's stock.

Adobe Stock Performance

ADBE stock traded down $22.00 during mid-day trading on Friday, reaching $391.68. 10,618,205 shares of the stock traded hands, compared to its average volume of 3,381,385. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The business has a 50-day moving average of $386.76 and a two-hundred day moving average of $421.08. The firm has a market capitalization of $166.93 billion, a PE ratio of 31.59, a P/E/G ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.97 by $0.11. Adobe had a net margin of 25.85% and a return on equity of 45.87%. The company had revenue of $5.71 billion during the quarter, compared to analysts' expectations of $5.66 billion. During the same period in the prior year, the company earned $4.48 earnings per share. As a group, equities analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Insider Buying and Selling at Adobe

In related news, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction that occurred 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 completion of the purchase, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. This represents a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.16% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently commented on ADBE shares. Citigroup boosted their target price on Adobe from $430.00 to $465.00 and gave the stock a "neutral" rating in a report on Tuesday, June 10th. Piper Sandler dropped their price target on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Evercore ISI reissued an "outperform" rating and set a $475.00 price objective on shares of Adobe in a research note on Friday. Summit Redstone set a $410.00 price objective on Adobe in a research note on Wednesday, March 19th. Finally, Jefferies Financial Group reduced their price objective on Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Nine equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $494.67.

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.