Garrett Wealth Advisory Group LLC Acquires 901 Shares of Adobe Inc. (NASDAQ:ADBE)

Garrett Wealth Advisory Group LLC raised its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 163.2% during the first quarter, according to its most recent filing with the SEC. The firm owned 1,453 shares of the software company's stock after purchasing an additional 901 shares during the period. Garrett Wealth Advisory Group LLC's holdings in Adobe were worth $557,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ADBE. Brighton Jones LLC grew its position in Adobe by 2.1% during the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock valued at $3,588,000 after buying an additional 167 shares during the period. Bank Pictet & Cie Europe AG lifted its holdings in shares of Adobe by 2.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock worth $12,882,000 after buying an additional 756 shares in the last quarter. GHE LLC raised its stake in Adobe by 2.9% in the fourth quarter. GHE LLC now owns 23,577 shares of the software company's stock valued at $10,484,000 after purchasing an additional 670 shares in the last quarter. Proficio Capital Partners LLC raised its stake in Adobe by 85.8% in the fourth quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company's stock valued at $1,043,000 after purchasing an additional 1,083 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in Adobe by 11.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 258,340 shares of the software company's stock valued at $114,879,000 after acquiring an additional 25,543 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on ADBE shares. JMP Securities restated a "market perform" rating on shares of Adobe in a report on Monday, June 23rd. Oppenheimer lowered their price objective on Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. Mizuho lowered their price objective on Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Finally, Bank of America lifted their price target on Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a research report on Friday, June 13th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $480.08.

Adobe Stock Performance

Shares of NASDAQ ADBE opened at $376.93 on Tuesday. The company has a market cap of $159.89 billion, a PE ratio of 24.12, a P/E/G ratio of 1.80 and a beta of 1.51. 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 12-month low of $332.01 and a 12-month high of $587.75. The stock has a 50 day simple moving average of $396.25 and a 200-day simple moving average of $407.34.

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 for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. During the same period in the prior year, the business posted $4.48 earnings per share. Adobe's revenue for the quarter was up 10.6% compared to the same quarter last year. On average, equities research analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

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.

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.