Fayez Sarofim & Co increased its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 0.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 626,934 shares of the software company's stock after buying an additional 4,411 shares during the period. Fayez Sarofim & Co owned about 0.15% of Adobe worth $242,973,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in the business. Garde Capital Inc. purchased a new stake in shares of Adobe in the first quarter valued at $34,000. PFG Advisors lifted its holdings in Adobe by 20.8% in the 1st quarter. PFG Advisors now owns 4,964 shares of the software company's stock valued at $1,904,000 after purchasing an additional 855 shares in the last quarter. Krane Funds Advisors LLC grew 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 worth $533,000 after buying an additional 730 shares in the last quarter. Burling Wealth Partners LLC acquired a new position in shares of Adobe in the fourth quarter valued at approximately $1,173,000. Finally, Financial Counselors Inc. boosted its position in Adobe by 9.2% during the first quarter. Financial Counselors Inc. now owns 62,851 shares of the software company's stock worth $24,105,000 after acquiring an additional 5,298 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of research analysts have weighed in on the company. DA Davidson reissued a "buy" rating and set a $500.00 price target on shares of Adobe in a research note on Friday, June 20th. Stifel Nicolaus reduced their target price on Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a research report on Friday, June 13th. Redburn Atlantic lowered Adobe from a "hold" rating to a "strong sell" rating and decreased their price target for the stock from $420.00 to $280.00 in a research note on Wednesday, July 2nd. BMO Capital Markets reaffirmed an "outperform" rating and set a $450.00 price objective on shares of Adobe in a research note on Friday, June 13th. Finally, Evercore ISI reissued an "outperform" rating and issued a $475.00 target price on shares of Adobe in a research report on Friday, June 13th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, Adobe has a consensus rating of "Moderate Buy" and a consensus price target of $473.88.
Check Out Our Latest Stock Report on ADBE
Adobe Stock Up 2.0%
Adobe stock opened at $345.62 on Thursday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The company has a 50-day simple moving average of $381.52 and a 200-day simple moving average of $397.33. The firm has a market capitalization of $146.61 billion, a P/E ratio of 22.11, a P/E/G ratio of 1.61 and a beta of 1.51.
Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping the consensus estimate of $4.97 by $0.09. The firm 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%. Adobe's quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.48 EPS. As a group, equities analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.
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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