Horizon Investments LLC Purchases 4,395 Shares of Adobe Inc. $ADBE

Key Points

• Horizon Investments LLC increased its stake in Adobe Inc. by 52%, owning 12,847 shares worth approximately $4.93 million after acquiring an additional 4,395 shares in the first quarter.
• Adobe reported a quarterly EPS of $5.06, exceeding expectations, with revenue of $5.87 billion, marking a 10.6% year-over-year increase.
• Analysts have varied ratings on Adobe, with a consensus target price of $467.58, reflecting both buy and sell sentiments across multiple research firms.

Horizon Investments LLC increased its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 52.0% in the first quarter, according to its most recent 13F filing with the SEC. The firm owned 12,847 shares of the software company's stock after purchasing an additional 4,395 shares during the period. Horizon Investments LLC's holdings in Adobe were worth $4,927,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ADBE. Providence Capital Advisors LLC boosted its stake in shares of Adobe by 2.6% during the 1st quarter. Providence Capital Advisors LLC now owns 16,002 shares of the software company's stock valued at $6,137,000 after buying an additional 408 shares during the period. FCA Corp TX boosted its stake in shares of Adobe by 10.0% during the 1st quarter. FCA Corp TX now owns 550 shares of the software company's stock valued at $211,000 after buying an additional 50 shares during the period. Seaview Investment Managers LLC boosted its stake in shares of Adobe by 14.3% during the 1st quarter. Seaview Investment Managers LLC now owns 23,577 shares of the software company's stock valued at $9,042,000 after buying an additional 2,946 shares during the period. Sei Investments Co. boosted its stake in shares of Adobe by 1.0% during the 1st quarter. Sei Investments Co. now owns 420,328 shares of the software company's stock valued at $161,000 after buying an additional 4,227 shares during the period. Finally, Inspire Trust Co. N.A. raised its holdings in shares of Adobe by 21.4% during the 1st quarter. Inspire Trust Co. N.A. now owns 8,500 shares of the software company's stock valued at $3,260,000 after purchasing an additional 1,500 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Trading Up 0.7%

NASDAQ:ADBE traded up $2.39 during trading hours on Monday, hitting $357.24. The stock had a trading volume of 2,919,250 shares, compared to its average volume of 3,794,911. Adobe Inc. has a one year low of $330.04 and a one year high of $587.75. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The company has a market cap of $151.54 billion, a price-to-earnings ratio of 22.86, a P/E/G ratio of 1.68 and a beta of 1.51. The business's 50 day moving average is $371.84 and its 200-day moving average is $392.13.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results 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 company had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. During the same quarter in the prior year, the company earned $4.48 earnings per share. The business's quarterly revenue was up 10.6% compared to the same quarter last year. Sell-side analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on ADBE shares. Melius downgraded shares of Adobe from a "hold" rating to a "sell" rating and set a $310.00 price target on the stock. in a report on Monday, August 11th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $480.00 target price on shares of Adobe in a report on Thursday, June 5th. Oppenheimer dropped their target price on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. Bank of America lifted 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. Finally, UBS Group lifted their target price on shares of Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a report on Monday, June 9th. Three analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $467.58.

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.