Fosun International Ltd boosted its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 28.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,875 shares of the software company's stock after acquiring an additional 1,296 shares during the period. Adobe accounts for about 0.6% of Fosun International Ltd's holdings, making the stock its 13th biggest position. Fosun International Ltd's holdings in Adobe were worth $2,253,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Brighton Jones LLC raised its holdings in Adobe by 2.1% in the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock worth $3,588,000 after buying an additional 167 shares during the last quarter. Bank Pictet & Cie Europe AG grew its position in Adobe by 2.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock valued at $12,882,000 after buying an additional 756 shares during the period. GHE LLC grew its position in Adobe by 2.9% during the fourth quarter. GHE LLC now owns 23,577 shares of the software company's stock valued at $10,484,000 after buying an additional 670 shares during the period. Assetmark Inc. boosted its position in shares of Adobe by 66.3% in the fourth quarter. Assetmark Inc. now owns 33,787 shares of the software company's stock worth $15,024,000 after purchasing an additional 13,464 shares during the period. Finally, Proficio Capital Partners LLC boosted its position in shares of Adobe by 85.8% in the fourth quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company's stock worth $1,043,000 after purchasing an additional 1,083 shares during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.
Adobe Price Performance
Adobe stock opened at $379.56 on Friday. The company's fifty day moving average price is $396.09 and its 200 day moving average price is $408.27. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The stock has a market capitalization of $161.01 billion, a P/E ratio of 24.28, a P/E/G ratio of 1.80 and a beta of 1.51. 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 (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.80 billion. During the same quarter in the previous year, the company posted $4.48 EPS. The firm's quarterly revenue was up 10.6% on a year-over-year basis. As a group, equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
A number of brokerages recently weighed in on ADBE. Stifel Nicolaus dropped their target price on shares of Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a research report on Friday, June 13th. JPMorgan Chase & Co. reduced their target price on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Evercore ISI restated an "outperform" rating and issued a $475.00 price target on shares of Adobe in a report on Friday, June 13th. Wells Fargo & Company restated an "overweight" rating and issued a $470.00 price target (up from $430.00) on shares of Adobe in a report on Friday, June 13th. Finally, Summit Redstone set a $410.00 target price on shares of Adobe in a report on Wednesday, March 19th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $480.08.
View Our Latest Stock Report on Adobe
About Adobe
(
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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