iA Global Asset Management Inc. Grows Position in Adobe Inc. (NASDAQ:ADBE)

Key Points

• iA Global Asset Management Inc. increased its holdings in Adobe Inc. by 20.0% in Q1, owning a total of 56,958 shares valued at approximately $21.8 million.
• Adobe reported earnings of $5.06 per share, beating the consensus estimate by $0.09, with a revenue of $5.87 billion for the quarter.
• Current brokerages have varied ratings for Adobe, with a consensus rating of "Moderate Buy" and an average price target of $473.88.

iA Global Asset Management Inc. grew its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 20.0% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 56,958 shares of the software company's stock after buying an additional 9,511 shares during the quarter. iA Global Asset Management Inc.'s holdings in Adobe were worth $21,845,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. Sepio Capital LP boosted its stake in Adobe by 2.3% during the 4th quarter. Sepio Capital LP now owns 993 shares of the software company's stock valued at $442,000 after purchasing an additional 22 shares during the last quarter. Cadence Bank lifted its stake in Adobe by 0.5% in the fourth quarter. Cadence Bank now owns 4,883 shares of the software company's stock valued at $2,171,000 after purchasing an additional 22 shares during the last quarter. Eagle Strategies LLC increased its stake in shares of Adobe by 1.5% in the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock worth $651,000 after purchasing an additional 22 shares in the last quarter. RB Capital Management LLC increased its holdings in Adobe by 0.4% during the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock worth $2,198,000 after acquiring an additional 22 shares during the period. Finally, Orin Green Financial LLC raised its stake in Adobe by 3.8% in the fourth quarter. Orin Green Financial LLC now owns 621 shares of the software company's stock valued at $276,000 after purchasing an additional 23 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

ADBE stock opened at $338.85 on Tuesday. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $143.74 billion, a PE ratio of 21.68, a P/E/G ratio of 1.65 and a beta of 1.51. The firm has a 50-day moving average of $384.34 and a two-hundred day moving average of $398.11.

Adobe (NASDAQ:ADBE - Get Free Report) last released its 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. The business had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The firm's revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the company earned $4.48 earnings per share. On average, analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ADBE. DA Davidson reaffirmed a "buy" rating and set a $500.00 price objective on shares of Adobe in a report on Friday, June 20th. Redburn Atlantic cut Adobe from a "hold" rating to a "strong sell" rating and decreased their price target for the company from $420.00 to $280.00 in a research note on Wednesday, July 2nd. Bank of America lifted their price objective on shares of Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a research note on Friday, June 13th. Piper Sandler reduced their target price on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Finally, Robert W. Baird upped their price target on Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research note on Monday, June 16th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $473.88.

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.

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