Heritage Investors Management Corp Buys 6,523 Shares of Adobe Inc. (NASDAQ:ADBE)

Heritage Investors Management Corp boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 12.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 60,061 shares of the software company's stock after purchasing an additional 6,523 shares during the quarter. Heritage Investors Management Corp's holdings in Adobe were worth $23,035,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Adobe in the 4th quarter worth $2,553,035,000. GAMMA Investing LLC grew its stake in Adobe by 46,806.6% during the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock valued at $1,147,049,000 after purchasing an additional 2,984,391 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd grew its stake in Adobe by 1,482.7% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company's stock valued at $498,000 after purchasing an additional 1,216,351 shares during the last quarter. Arrowstreet Capital Limited Partnership boosted its stake in shares of Adobe by 82.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock worth $937,291,000 after buying an additional 952,233 shares during the last quarter. Finally, Two Sigma Advisers LP boosted its stake in shares of Adobe by 1,414.5% in the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock worth $395,321,000 after buying an additional 830,300 shares during the last quarter. Institutional investors own 81.79% of the company's stock.

Adobe Trading Down 0.2%

Shares of Adobe stock opened at $365.79 on Friday. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The firm has a market cap of $155.17 billion, a PE ratio of 23.40, a P/E/G ratio of 1.73 and a beta of 1.51. The business's fifty day moving average is $394.20 and its two-hundred day moving average is $402.72. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54.

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on ADBE. Stifel Nicolaus decreased their target price on Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a research report on Friday, June 13th. Bank of America upped their price target on shares of Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a research report on Friday, June 13th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $480.00 price target on shares of Adobe in a research note on Thursday, June 5th. Citigroup lowered their target price on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a research note on Monday, June 16th. Finally, Wall Street Zen cut shares of Adobe from a "buy" rating to a "hold" rating in a research note on Friday. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have assigned a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $473.88.

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.

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