Harel Insurance Investments & Financial Services Ltd. Purchases 20,621 Shares of Adobe Inc. (NASDAQ:ADBE)

Harel Insurance Investments & Financial Services Ltd. raised its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 32.8% during the first quarter, according to its most recent filing with the SEC. The firm owned 83,409 shares of the software company's stock after purchasing an additional 20,621 shares during the period. Harel Insurance Investments & Financial Services Ltd.'s holdings in Adobe were worth $31,990,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently modified their holdings of ADBE. Siemens Fonds Invest GmbH boosted its stake in Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after acquiring an additional 39,888 shares in the last quarter. Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of Adobe in the 1st quarter valued at about $26,000. SWAN Capital LLC bought a new stake in Adobe in the 4th quarter valued at about $28,000. Copia Wealth Management acquired a new position in Adobe during the 4th quarter worth approximately $28,000. Finally, Summit Securities Group LLC bought a new position in Adobe in the fourth quarter worth approximately $31,000. 81.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. Bank of America upped their target price on shares of Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a report on Friday, June 13th. Piper Sandler lowered their price objective on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Morgan Stanley cut their target price on Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. JPMorgan Chase & Co. decreased their price target on Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Finally, Phillip Securities upgraded Adobe from a "moderate sell" rating to a "strong-buy" rating in a research note on Monday, June 16th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $480.08.

Adobe Trading Up 0.3%

Shares of NASDAQ ADBE opened at $379.56 on Friday. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a 50-day moving average of $395.85 and a 200 day moving average of $408.79. The stock has a market cap of $161.01 billion, a P/E ratio of 24.28, a price-to-earnings-growth ratio of 1.79 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last released its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.09. The firm had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business's revenue was up 10.6% on a year-over-year basis. During the same period last year, the business earned $4.48 earnings per share. As a group, sell-side analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal 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.

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.