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ING Groep NV Has $108.42 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Adobe logo with Computer and Technology background

Key Points

  • ING Groep NV reduced its holdings in Adobe Inc. by 4.3% in the first quarter, now owning approximately 282,687 shares valued at $108.42 million.
  • Adobe reported earnings of $5.06 EPS, surpassing expectations and illustrating a 10.6% increase in revenue compared to the same quarter last year.
  • Analysts have mixed reviews on Adobe's stock, with ratings ranging from "strong sell" to "strong buy." The consensus rating is a "Moderate Buy" with a target price of $473.88.
  • MarketBeat previews the top five stocks to own by September 1st.

ING Groep NV cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 4.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 282,687 shares of the software company's stock after selling 12,789 shares during the quarter. Adobe comprises 0.8% of ING Groep NV's investment portfolio, making the stock its 27th largest holding. ING Groep NV owned approximately 0.07% of Adobe worth $108,419,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Siemens Fonds Invest GmbH raised its stake in shares of Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after purchasing an additional 39,888 shares in the last quarter. Barnes Dennig Private Wealth Management LLC acquired a new position in shares of Adobe in the first quarter valued at $26,000. SWAN Capital LLC acquired a new position in shares of Adobe in the fourth quarter valued at $28,000. Copia Wealth Management acquired a new position in shares of Adobe in the fourth quarter valued at $28,000. Finally, HHM Wealth Advisors LLC acquired a new position in shares of Adobe in the first quarter valued at $30,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Price Performance

NASDAQ ADBE opened at $347.80 on Monday. The business has a 50 day simple moving average of $385.72 and a 200 day simple moving average of $398.74. Adobe Inc. has a 52-week low of $332.01 and a 52-week 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 stock has a market cap of $147.54 billion, a price-to-earnings ratio of 22.25, a PEG ratio of 1.65 and a beta of 1.52.

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

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ADBE. Mizuho cut their price objective on Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a report on Friday, June 13th. Redburn Atlantic downgraded shares of Adobe from a "hold" rating to a "strong sell" rating and reduced their target price for the company from $420.00 to $280.00 in a research note on Wednesday, July 2nd. DA Davidson reaffirmed a "buy" rating and issued a $500.00 price target on shares of Adobe in a report on Friday, June 20th. Phillip Securities upgraded shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a research report on Monday, June 16th. Finally, Robert W. Baird upped their price target 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. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $473.88.

Read Our Latest Analysis on Adobe

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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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.

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