Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Kennon Green & Company LLC

Kennon Green & Company LLC lifted its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 53.7% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,154 shares of the software company's stock after purchasing an additional 2,149 shares during the period. Adobe makes up 1.9% of Kennon Green & Company LLC's holdings, making the stock its 20th biggest holding. Kennon Green & Company LLC's holdings in Adobe were worth $2,360,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. Siemens Fonds Invest GmbH raised its position in Adobe by 252.9% in the 4th 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 during the first quarter worth about $26,000. SWAN Capital LLC purchased a new stake in shares of Adobe during the fourth quarter worth approximately $28,000. Copia Wealth Management purchased a new stake in shares of Adobe during the fourth quarter worth approximately $28,000. Finally, Summit Securities Group LLC acquired a new stake in Adobe in the fourth quarter valued at approximately $31,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Performance

ADBE traded down $14.47 during trading on Wednesday, hitting $377.63. 3,313,652 shares of the stock were exchanged, compared to its average volume of 3,410,882. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The stock has a fifty day moving average price of $394.95 and a two-hundred day moving average price of $409.57. The firm has a market capitalization of $160.19 billion, a P/E ratio of 24.15, a PEG ratio of 1.83 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last announced 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. The business had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period last year, the firm posted $4.48 earnings per share. As a group, sell-side analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on ADBE. Oppenheimer lowered their price target on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a report on Friday, June 13th. Stifel Nicolaus reduced their price objective on shares of Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a report on Friday, June 13th. Evercore ISI reiterated an "outperform" rating and set a $475.00 target price on shares of Adobe in a research note on Friday, June 13th. JPMorgan Chase & Co. dropped their target price on Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a report on Thursday, March 13th. Finally, Royal Bank Of Canada restated an "outperform" rating and issued a $480.00 price target on shares of Adobe in a research note on Thursday, June 5th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $488.08.

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.