Financial Advisors Network Inc. Increases Holdings in Adobe Inc. $ADBE

Key Points

• Financial Advisors Network Inc. significantly increased its stake in Adobe Inc. by 492.7% during the first quarter, now holding 6,004 shares valued at approximately $2.3 million.
• Multiple hedge funds also adjusted their Adobe holdings, with notable actions including a 40% increase by Brooklyn Investment Group, raising their ownership to 4,752 shares.
• Adobe recently reported quarterly earnings of $5.06 per share, exceeding estimates, with revenue growth of 10.6% year-over-year, totaling $5.87 billion.

Financial Advisors Network Inc. grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 492.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,004 shares of the software company's stock after buying an additional 4,991 shares during the quarter. Financial Advisors Network Inc.'s holdings in Adobe were worth $2,303,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Quantbot Technologies LP bought a new position in Adobe during the 1st quarter worth about $59,000. Alpha Family Trust lifted its position in shares of Adobe by 13.5% during the first quarter. Alpha Family Trust now owns 3,349 shares of the software company's stock valued at $1,284,000 after buying an additional 398 shares during the last quarter. Granite Harbor Advisors Inc. purchased a new stake in Adobe during the first quarter valued at approximately $232,000. Brooklyn Investment Group lifted its position in Adobe by 40.0% during the first quarter. Brooklyn Investment Group now owns 4,752 shares of the software company's stock valued at $1,823,000 after acquiring an additional 1,358 shares during the last quarter. Finally, Versor Investments LP lifted its position in Adobe by 97.7% during the first quarter. Versor Investments LP now owns 10,151 shares of the software company's stock valued at $3,893,000 after acquiring an additional 5,016 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Stock Up 1.8%

ADBE stock opened at $354.85 on Monday. The company has a market capitalization of $150.53 billion, a P/E ratio of 22.70, a PEG ratio of 1.68 and a beta of 1.51. The firm has a 50 day simple moving average of $371.84 and a 200-day simple moving average of $392.13. 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 twelve month low of $330.04 and a twelve month high of $587.75.

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

Analyst Ratings Changes

Several brokerages recently issued reports on ADBE. Bank of America raised their target price on shares of Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a report on Friday, June 13th. Phillip Securities upgraded shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a research note on Monday, June 16th. Stifel Nicolaus cut their price target on shares of Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a report on Friday, June 13th. Evercore ISI reiterated an "outperform" rating and issued a $475.00 target price on shares of Adobe in a research report on Friday, June 13th. Finally, UBS Group lifted their target price 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. Three analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $467.58.

Adobe Company 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.

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