Kingsview Wealth Management LLC Purchases 3,044 Shares of Adobe Inc. (NASDAQ:ADBE)

Kingsview Wealth Management LLC grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 16.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,670 shares of the software company's stock after purchasing an additional 3,044 shares during the quarter. Kingsview Wealth Management LLC's holdings in Adobe were worth $8,311,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently bought and sold shares of the company. Norges Bank acquired a new stake in Adobe in the 4th quarter worth $2,553,035,000. GAMMA Investing LLC grew its position in Adobe by 46,806.6% in the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock worth $1,147,049,000 after purchasing an additional 2,984,391 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd grew its position in Adobe by 1,482.7% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company's stock worth $498,000 after purchasing an additional 1,216,351 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its position in Adobe by 82.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock worth $937,291,000 after purchasing an additional 952,233 shares during the last quarter. Finally, Two Sigma Advisers LP grew its position in Adobe by 1,414.5% in the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock worth $395,321,000 after purchasing an additional 830,300 shares during the last quarter. Institutional investors own 81.79% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on ADBE shares. Rothschild & Co Redburn lowered shares of Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price target on the stock. in a research report on Wednesday, July 2nd. Royal Bank Of Canada restated an "outperform" rating and issued a $480.00 price target on shares of Adobe in a research report on Thursday, June 5th. Robert W. Baird boosted their price target on shares of Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research report on Monday, June 16th. BMO Capital Markets restated an "outperform" rating and issued a $450.00 price target on shares of Adobe in a research report on Friday, June 13th. Finally, Wall Street Zen lowered shares of Adobe from a "buy" rating to a "hold" rating in a research report on Friday. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $473.88.

Adobe Stock Performance

NASDAQ:ADBE traded down $0.66 during mid-day trading on Friday, reaching $365.79. 2,445,698 shares of the company's stock were exchanged, compared to its average volume of 3,477,489. The business's fifty day simple moving average is $394.20 and its two-hundred day simple moving average is $402.72. The firm has a market capitalization of $155.17 billion, a PE ratio of 23.40, a price-to-earnings-growth ratio of 1.73 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last released its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, beating analysts' consensus estimates of $4.97 by $0.09. The firm had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company's revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company posted $4.48 EPS. Analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Adobe 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.