KPP Advisory Services LLC Acquires Shares of 1,140 Adobe Inc. (NASDAQ:ADBE)

KPP Advisory Services LLC purchased a new position in Adobe Inc. (NASDAQ:ADBE - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 1,140 shares of the software company's stock, valued at approximately $437,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Garde Capital Inc. purchased a new position in Adobe during the first quarter worth about $34,000. Arizona State Retirement System increased its position in shares of Adobe by 0.4% during the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock valued at $56,784,000 after acquiring an additional 570 shares during the last quarter. Burling Wealth Partners LLC acquired a new stake in shares of Adobe during the fourth quarter valued at about $1,173,000. Sound Income Strategies LLC increased its position in shares of Adobe by 17.6% during the first quarter. Sound Income Strategies LLC now owns 308 shares of the software company's stock valued at $118,000 after acquiring an additional 46 shares during the last quarter. Finally, Horan Capital Advisors LLC. increased its position in shares of Adobe by 2.4% during the fourth quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company's stock valued at $2,162,000 after acquiring an additional 114 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Trading Down 0.7%

Shares of ADBE stock opened at $384.95 on Friday. The firm has a market cap of $164.07 billion, a P/E ratio of 24.63, a PEG ratio of 1.84 and a beta of 1.55. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 1.18. The firm's 50-day simple moving average is $392.49 and its 200-day simple moving average is $412.76.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, topping the consensus estimate 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 was up 10.6% on a year-over-year basis. During the same period in the prior year, the firm posted $4.48 EPS. As a group, equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on ADBE shares. Wall Street Zen upgraded shares of Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Mizuho dropped their price objective on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a report on Friday, June 13th. Summit Redstone set a $410.00 price objective on shares of Adobe in a report on Wednesday, March 19th. Phillip Securities upgraded shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday, June 16th. Finally, Evercore ISI reiterated an "outperform" rating and set a $475.00 price target on shares of Adobe in a report on Friday, June 13th. Nine equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $496.75.

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.

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