Elyxium Wealth LLC Invests $1.06 Million in Adobe Inc. (NASDAQ:ADBE)

Elyxium Wealth LLC acquired a new position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 2,764 shares of the software company's stock, valued at approximately $1,060,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ADBE. Sepio Capital LP raised its holdings in Adobe by 2.3% during the fourth quarter. Sepio Capital LP now owns 993 shares of the software company's stock worth $442,000 after purchasing an additional 22 shares in the last quarter. Cadence Bank increased its position in Adobe by 0.5% during the fourth quarter. Cadence Bank now owns 4,883 shares of the software company's stock worth $2,171,000 after buying an additional 22 shares in the last quarter. Eagle Strategies LLC lifted its stake in shares of Adobe by 1.5% during the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock valued at $651,000 after buying an additional 22 shares during the period. RB Capital Management LLC grew its position in shares of Adobe by 0.4% in the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock valued at $2,198,000 after purchasing an additional 22 shares during the period. Finally, Orin Green Financial LLC boosted its position in shares of Adobe by 3.8% in the fourth quarter. Orin Green Financial LLC now owns 621 shares of the software company's stock worth $276,000 after acquiring an additional 23 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ADBE has been the topic of several research reports. Royal Bank Of Canada reissued an "outperform" rating and set a $480.00 price target on shares of Adobe in a research report on Thursday, June 5th. BMO Capital Markets reissued an "outperform" rating and issued a $450.00 price target on shares of Adobe in a report on Friday, June 13th. Morgan Stanley reduced their price target on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. 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 report on Monday, March 31st. Finally, Redburn Atlantic lowered Adobe from a "hold" rating to a "strong sell" rating and decreased their price objective for the stock from $420.00 to $280.00 in a report on Wednesday, July 2nd. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, Adobe currently has an average rating of "Moderate Buy" and a consensus target price of $473.88.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $365.79 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The stock has a market capitalization of $155.17 billion, a PE ratio of 23.40, a P/E/G ratio of 1.73 and a beta of 1.51. The business has a fifty day moving average price of $394.20 and a two-hundred day moving average price of $402.72. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. The firm had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the prior year, the business earned $4.48 EPS. As a group, equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.