King Wealth Management Group Raises Stake in Adobe Inc. (NASDAQ:ADBE)

Key Points

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King Wealth Management Group grew its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 143.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,504 shares of the software company's stock after purchasing an additional 885 shares during the period. King Wealth Management Group's holdings in Adobe were worth $577,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Copia Wealth Management acquired a new position in Adobe during the fourth quarter worth $28,000. SWAN Capital LLC acquired a new position in shares of Adobe during the fourth quarter valued at about $28,000. Barnes Dennig Private Wealth Management LLC bought a new stake in shares of Adobe during the first quarter worth about $26,000. Bernard Wealth Management Corp. acquired a new stake in shares of Adobe in the 4th quarter worth about $36,000. Finally, Garde Capital Inc. acquired a new stake in shares of Adobe in the 1st quarter worth about $34,000. Institutional investors own 81.79% of the company's stock.

Analyst Ratings Changes

A number of equities analysts have issued reports on ADBE shares. Morgan Stanley cut their price target on Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Rothschild & Co Redburn lowered Adobe from a "neutral" rating to a "sell" rating and set a $280.00 target price on the stock. in a report on Wednesday, July 2nd. Citigroup decreased their price target on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a report on Monday, June 16th. BMO Capital Markets reissued an "outperform" rating and issued a $450.00 price target on shares of Adobe in a research report on Friday, June 13th. Finally, Piper Sandler dropped their price objective on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Two 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 issued a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $473.88.

Adobe Stock Performance

NASDAQ ADBE traded down $6.83 during trading on Friday, hitting $350.86. 839,434 shares of the company's stock traded hands, compared to its average volume of 3,749,336. 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 capitalization of $148.83 billion, a price-to-earnings ratio of 22.49, a PEG ratio of 1.73 and a beta of 1.51. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The business has a 50 day moving average of $386.92 and a 200-day moving average of $399.51.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.09. The company 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 quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $4.48 earnings per share. As a group, equities research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.