GAMMA Investing LLC Increases Stake in Adobe Inc. (NASDAQ:ADBE)

GAMMA Investing LLC boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 22.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 7,798 shares of the software company's stock after buying an additional 1,422 shares during the period. GAMMA Investing LLC's holdings in Adobe were worth $2,991,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of ADBE. Norges Bank purchased a new stake in Adobe during the 4th quarter valued at $2,553,035,000. Arrowstreet Capital Limited Partnership increased its stake in shares of Adobe by 82.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock valued at $937,291,000 after buying an additional 952,233 shares during the period. Two Sigma Advisers LP boosted its position in Adobe by 1,414.5% during the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock valued at $395,321,000 after purchasing an additional 830,300 shares in the last quarter. Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Adobe during the fourth quarter valued at about $365,750,000. Finally, The Manufacturers Life Insurance Company boosted its position in Adobe by 225.9% during the fourth quarter. The Manufacturers Life Insurance Company now owns 1,075,945 shares of the software company's stock valued at $478,453,000 after purchasing an additional 745,827 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded up $0.88 during trading on Friday, hitting $385.83. The stock had a trading volume of 5,081,963 shares, compared to its average volume of 3,399,346. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The stock has a market capitalization of $163.67 billion, a price-to-earnings ratio of 24.69, a price-to-earnings-growth ratio of 1.83 and a beta of 1.55. The company has a quick ratio of 1.18, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The stock has a 50-day simple moving average of $393.23 and a two-hundred day simple moving average of $410.69.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data 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. The firm had revenue of $5.87 billion during 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 last year, the business posted $4.48 earnings per share. On average, equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on ADBE shares. Oppenheimer dropped their price objective on Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research report on Friday, June 13th. UBS Group raised their price objective on Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a research report on Monday, June 9th. KeyCorp raised Adobe from an "underweight" rating to a "sector weight" rating in a research report on Friday, March 21st. JPMorgan Chase & Co. dropped their price objective on Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Finally, Phillip Securities raised Adobe from a "moderate sell" rating to a "strong-buy" rating in a research report on Monday, June 16th. Nine analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $496.75.

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.