Horizon Financial Services LLC purchased a new stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 767 shares of the software company's stock, valued at approximately $294,000.
Other large investors also recently made changes to their positions in the company. Brighton Jones LLC boosted its holdings in shares of Adobe by 2.1% during the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock worth $3,588,000 after buying an additional 167 shares during the period. Bank Pictet & Cie Europe AG raised its stake in Adobe by 2.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock valued at $12,882,000 after purchasing an additional 756 shares in the last quarter. GHE LLC lifted its stake in Adobe by 2.9% during the fourth quarter. GHE LLC now owns 23,577 shares of the software company's stock worth $10,484,000 after purchasing an additional 670 shares during the last quarter. Kohmann Bosshard Financial Services LLC bought a new position in shares of Adobe in the fourth quarter worth about $58,000. Finally, Meridian Wealth Management LLC increased its holdings in Adobe by 43.2% in the 4th quarter. Meridian Wealth Management LLC now owns 6,513 shares of the software company's stock worth $2,896,000 after purchasing an additional 1,966 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.
Analysts Set New Price Targets
Several equities analysts have issued reports on ADBE shares. BMO Capital Markets restated an "outperform" rating and issued a $450.00 price target on shares of Adobe in a research report on Friday, June 13th. Redburn Atlantic lowered shares of Adobe from a "hold" rating to a "strong sell" rating and lowered their price objective for the company from $420.00 to $280.00 in a research note on Wednesday. Piper Sandler dropped 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. Wells Fargo & Company reiterated an "overweight" rating and issued a $470.00 price target (up previously from $430.00) on shares of Adobe in a report on Friday, June 13th. Finally, JMP Securities restated a "market perform" rating on shares of Adobe in a report on Monday, June 23rd. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Adobe has an average rating of "Moderate Buy" and a consensus price target of $480.08.
View Our Latest Stock Report on Adobe
Adobe Stock Up 0.3%
ADBE stock traded up $1.03 during trading on Thursday, reaching $379.50. The stock had a trading volume of 2,088,040 shares, compared to its average volume of 3,423,244. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $160.98 billion, a price-to-earnings ratio of 24.28, a P/E/G ratio of 1.86 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 company's 50 day moving average is $395.48 and its two-hundred day moving average is $409.36.
Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, topping 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 return on equity of 53.68% and a net margin of 30.39%. The company's revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $4.48 EPS. Equities research analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.
Adobe Profile
(
Free Report)
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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