Goldman Sachs Group Inc. Has $1.75 Billion Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Goldman Sachs increased its stake in Adobe Inc. by 68.3% during the first quarter, owning approximately 4.58 million shares worth $1.75 billion at the end of the reporting period.
• Other institutional investors have also boosted their holdings in Adobe, with Bank of New York Mellon Corp increasing its stake by 14.4% to own over 6.53 million shares valued at $2.50 billion.
• Adobe's recent earnings report showed an EPS of $5.06, surpassing estimates, with a revenue increase of 10.6% year-over-year, totaling $5.87 billion.

Goldman Sachs Group Inc. grew its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 68.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,575,792 shares of the software company's stock after buying an additional 1,856,544 shares during the period. Goldman Sachs Group Inc. owned approximately 1.07% of Adobe worth $1,754,954,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in ADBE. Siemens Fonds Invest GmbH lifted its position in shares of Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after purchasing an additional 39,888 shares during the last quarter. Barnes Dennig Private Wealth Management LLC acquired a new position in shares of Adobe during the 1st quarter worth about $26,000. SWAN Capital LLC acquired a new position in shares of Adobe during the 4th quarter worth about $28,000. Copia Wealth Management acquired a new position in shares of Adobe during the 4th quarter worth about $28,000. Finally, HHM Wealth Advisors LLC bought a new position in Adobe during the first quarter valued at about $30,000. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Price Performance

NASDAQ ADBE traded down $7.35 during trading hours on Thursday, reaching $338.27. 4,658,591 shares of the company's stock were exchanged, compared to its average volume of 3,370,717. The stock has a market cap of $143.49 billion, a PE ratio of 21.64, a price-to-earnings-growth ratio of 1.64 and a beta of 1.51. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The firm has a fifty day moving average of $380.02 and a 200-day moving average of $396.70. 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 (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The business had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same period in the prior year, the company earned $4.48 EPS. Adobe's revenue for the quarter was up 10.6% on a year-over-year basis. On average, equities research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

ADBE has been the topic of several research reports. Piper Sandler lowered their price target on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Evercore ISI restated an "outperform" rating and set a $475.00 price target on shares of Adobe in a research note on Friday, June 13th. Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Oppenheimer lowered their price target on Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research note on Friday, June 13th. Finally, BMO Capital Markets restated an "outperform" rating and set a $450.00 price target on shares of Adobe in a research note on Friday, June 13th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Adobe has an average rating of "Moderate Buy" and a consensus price target of $473.88.

About Adobe

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.