Investment Counsel Co. of Nevada purchased a new position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 1,203 shares of the software company's stock, valued at approximately $461,000. Adobe comprises approximately 1.0% of Investment Counsel Co. of Nevada's investment portfolio, making the stock its 17th largest holding.
Several other hedge funds have also recently added to or reduced their stakes in ADBE. Garde Capital Inc. bought a new stake in shares of Adobe in the 1st quarter valued at about $34,000. PFG Advisors lifted its stake in shares of Adobe by 20.8% in the 1st quarter. PFG Advisors now owns 4,964 shares of the software company's stock valued at $1,904,000 after acquiring an additional 855 shares during the last quarter. Krane Funds Advisors LLC lifted its stake in shares of Adobe by 110.4% in the 1st quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company's stock valued at $533,000 after acquiring an additional 730 shares during the last quarter. Burling Wealth Partners LLC bought a new stake in shares of Adobe in the 4th quarter valued at about $1,173,000. Finally, Financial Counselors Inc. lifted its stake in shares of Adobe by 9.2% in the 1st quarter. Financial Counselors Inc. now owns 62,851 shares of the software company's stock valued at $24,105,000 after acquiring an additional 5,298 shares during the last quarter. Institutional investors own 81.79% of the company's stock.
Analyst Ratings Changes
A number of equities research analysts have recently weighed in on ADBE shares. Morgan Stanley lowered their target price on Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Wells Fargo & Company reaffirmed an "overweight" rating and set a $470.00 price target (up previously from $430.00) on shares of Adobe in a research report on Friday, June 13th. UBS Group upped their price target on Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a research report on Monday, June 9th. Redburn Atlantic lowered Adobe from a "hold" rating to a "strong sell" rating and lowered their price target for the company from $420.00 to $280.00 in a research report on Wednesday, July 2nd. Finally, BMO Capital Markets reaffirmed an "outperform" rating and set a $450.00 price target on shares of Adobe in a research report on Friday, June 13th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat, Adobe currently has an average rating of "Moderate Buy" and a consensus price target of $473.88.
Read Our Latest Stock Report on Adobe
Adobe Stock Performance
Shares of ADBE opened at $338.85 on Tuesday. The business's fifty day simple moving average is $384.34 and its two-hundred day simple moving average is $398.11. 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 12 month low of $332.01 and a 12 month high of $587.75. The company has a market cap of $143.74 billion, a price-to-earnings ratio of 21.68, a P/E/G ratio of 1.65 and a beta of 1.51.
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 return on equity of 53.68% and a net margin of 30.39%. The firm had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.80 billion. During the same period in the prior year, the firm earned $4.48 EPS. The company's revenue was up 10.6% compared to the same quarter last year. Research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.
About Adobe
(
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.
Further Reading
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