Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Ironwood Investment Counsel LLC

Key Points

• Ironwood Investment Counsel LLC increased its shares in Adobe Inc. by 29.0%, now holding 15,870 shares valued at approximately $6.09 million, which constitutes 1.1% of its total holdings.
• Institutional investors and hedge funds collectively own 81.79% of Adobe's stock, with significant increases in holdings from firms like Goldman Sachs Group Inc. and Vanguard Group Inc.
• Adobe reported stronger-than-expected earnings for the last quarter, with $5.06 EPS and revenues of $5.87 billion, surpassing analysts' estimates and indicating a 10.6% increase in revenue year-over-year.

Ironwood Investment Counsel LLC increased its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 29.0% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 15,870 shares of the software company's stock after purchasing an additional 3,567 shares during the quarter. Adobe makes up about 1.1% of Ironwood Investment Counsel LLC's investment portfolio, making the stock its 28th largest holding. Ironwood Investment Counsel LLC's holdings in Adobe were worth $6,087,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Siemens Fonds Invest GmbH lifted its position in Adobe by 252.9% during 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 purchased a new position in shares of Adobe during the 1st quarter worth about $26,000. SWAN Capital LLC bought a new position in shares of Adobe in the fourth quarter worth about $28,000. Copia Wealth Management bought a new stake in shares of Adobe in the 4th quarter valued at about $28,000. Finally, HHM Wealth Advisors LLC purchased a new stake in Adobe during the first quarter valued at approximately $30,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Performance

ADBE traded up $2.78 during trading on Friday, reaching $341.05. 3,506,570 shares of the company were exchanged, compared to its average volume of 3,402,612. Adobe Inc. has a 52 week low of $332.01 and a 52 week 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 50 day moving average of $378.55 and a 200 day moving average of $396.05. The stock has a market cap of $144.67 billion, a P/E ratio of 21.82, a PEG ratio of 1.60 and a beta of 1.51.

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

Wall Street Analyst Weigh In

ADBE has been the topic of a number of recent research reports. Bank of America upped their target price on Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a research note on Friday, June 13th. Wells Fargo & Company restated an "overweight" rating and set a $470.00 price target (up from $430.00) on shares of Adobe in a research note on Friday, June 13th. JMP Securities reiterated a "market perform" rating on shares of Adobe in a research note on Monday, June 23rd. BMO Capital Markets restated an "outperform" rating and issued a $450.00 price target on shares of Adobe in a research note on Friday, June 13th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and issued a $480.00 price objective on shares of Adobe in a research note on Thursday, June 5th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, Adobe has a consensus rating of "Moderate Buy" and a consensus price target of $473.88.

Adobe Company Profile

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.