Hixon Zuercher LLC Has $3.13 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Hixon Zuercher LLC raised its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 18.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 8,159 shares of the software company's stock after buying an additional 1,267 shares during the period. Hixon Zuercher LLC's holdings in Adobe were worth $3,129,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Unified Investment Management raised its position in Adobe by 13.8% during the first quarter. Unified Investment Management now owns 1,562 shares of the software company's stock valued at $599,000 after buying an additional 189 shares during the period. Kennon Green & Company LLC grew its stake in Adobe by 53.7% in the first quarter. Kennon Green & Company LLC now owns 6,154 shares of the software company's stock valued at $2,360,000 after purchasing an additional 2,149 shares in the last quarter. Deseret Mutual Benefit Administrators increased its position in Adobe by 16.3% in the 1st quarter. Deseret Mutual Benefit Administrators now owns 541 shares of the software company's stock worth $207,000 after purchasing an additional 76 shares during the last quarter. Smallwood Wealth Investment Management LLC purchased a new stake in shares of Adobe during the 1st quarter worth about $81,000. Finally, Advisors Management Group Inc. ADV lifted its holdings in shares of Adobe by 1,811.3% during the 1st quarter. Advisors Management Group Inc. ADV now owns 11,678 shares of the software company's stock valued at $4,479,000 after buying an additional 11,067 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Price Performance

Shares of Adobe stock traded up $1.09 during trading on Thursday, reaching $379.56. The company's stock had a trading volume of 2,857,560 shares, compared to its average volume of 3,423,288. The stock has a 50-day moving average price of $395.48 and a two-hundred day moving average price of $409.36. The stock has a market capitalization of $161.01 billion, a P/E ratio of 24.29, a price-to-earnings-growth ratio of 1.86 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 one year low of $332.01 and a one year high of $587.75.

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

Analysts Set New Price Targets

Several equities analysts recently weighed in on ADBE shares. Redburn Atlantic lowered shares of Adobe from a "hold" rating to a "strong sell" rating and cut their price objective for the company from $420.00 to $280.00 in a research report on Wednesday. JPMorgan Chase & Co. cut their price target on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. KeyCorp upgraded shares of Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. Robert W. Baird increased their target price on shares of Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research report on Monday, June 16th. Finally, Phillip Securities upgraded Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday, June 16th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe has a consensus rating of "Moderate Buy" and an average target price of $480.08.

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.