Adobe Inc. (NASDAQ:ADBE) Shares Bought by Kavar Capital Partners Group LLC

Kavar Capital Partners Group LLC increased its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 21.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,665 shares of the software company's stock after purchasing an additional 1,375 shares during the period. Kavar Capital Partners Group LLC's holdings in Adobe were worth $2,940,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Pure Financial Advisors LLC boosted its position in shares of Adobe by 24.7% during the first quarter. Pure Financial Advisors LLC now owns 2,435 shares of the software company's stock worth $934,000 after acquiring an additional 482 shares during the last quarter. Perigon Wealth Management LLC raised its stake in shares of Adobe by 6.5% in the first quarter. Perigon Wealth Management LLC now owns 11,181 shares of the software company's stock valued at $4,288,000 after acquiring an additional 680 shares during the period. New World Advisors LLC raised its stake in shares of Adobe by 14.2% in the first quarter. New World Advisors LLC now owns 1,441 shares of the software company's stock valued at $553,000 after acquiring an additional 179 shares during the period. Alpine Bank Wealth Management purchased a new stake in shares of Adobe in the first quarter valued at $111,000. Finally, Arlington Partners LLC raised its stake in shares of Adobe by 9.3% in the first quarter. Arlington Partners LLC now owns 8,682 shares of the software company's stock valued at $3,330,000 after acquiring an additional 740 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Performance

ADBE stock traded up $0.88 during trading on Friday, reaching $385.83. The company had a trading volume of 5,081,963 shares, compared to its average volume of 3,406,087. The firm has a 50-day simple moving average of $392.49 and a 200-day simple moving average of $412.76. The company has a market cap of $163.67 billion, a price-to-earnings ratio of 24.69, a price-to-earnings-growth ratio of 1.82 and a beta of 1.55. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.18 and a current ratio of 0.99. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS 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 business's quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the business posted $4.48 EPS. As a group, sell-side analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on ADBE. Wells Fargo & Company reissued an "overweight" rating and issued a $470.00 target price (up previously from $430.00) on shares of Adobe in a research note on Friday, June 13th. Bank of America raised their price target on shares of Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a research note on Friday, June 13th. Summit Redstone set a $410.00 price target on shares of Adobe in a research note on Wednesday, March 19th. Morgan Stanley reduced their price target on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Finally, Citigroup reduced their price target on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a research note on Monday, June 16th. Nine investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $496.75.

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.