GHP Investment Advisors Inc. Increases Position in Adobe Inc. (NASDAQ:ADBE)

GHP Investment Advisors Inc. increased its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 8.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,332 shares of the software company's stock after buying an additional 1,186 shares during the period. GHP Investment Advisors Inc.'s holdings in Adobe were worth $5,880,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its stake in shares of Adobe by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock valued at $4,739,788,000 after purchasing an additional 151,286 shares during the period. Norges Bank purchased a new stake in shares of Adobe in the fourth quarter worth approximately $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Adobe by 12.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock valued at $2,375,345,000 after purchasing an additional 600,146 shares in the last quarter. Northern Trust Corp lifted its stake in shares of Adobe by 14.5% in the 4th quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock valued at $2,363,125,000 after purchasing an additional 672,919 shares during the last quarter. Finally, Edgewood Management LLC lifted its stake in shares of Adobe by 20.7% in the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock worth $1,805,009,000 after buying an additional 696,172 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several recent research reports. Morgan Stanley decreased their target price on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Summit Redstone set a $410.00 price objective on shares of Adobe in a research note on Wednesday, March 19th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $480.00 target price on shares of Adobe in a research note on Thursday, June 5th. Piper Sandler lowered their target price on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Finally, JMP Securities reiterated a "market perform" rating on shares of Adobe in a research note on Monday. Nine analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $496.75.

Adobe Trading Up 1.4%

ADBE stock traded up $5.21 on Wednesday, reaching $387.55. The company's stock had a trading volume of 3,713,152 shares, compared to its average volume of 3,402,774. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The business has a fifty day simple moving average of $390.90 and a two-hundred day simple moving average of $414.07. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.18 and a current ratio of 0.99. The firm has a market cap of $165.17 billion, a PE ratio of 24.80, a PEG ratio of 1.80 and a beta of 1.55.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.97 by $0.09. The firm had revenue of $5.87 billion for 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 business's quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the firm posted $4.48 EPS. As a group, research analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

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.