Lafayette Investments Inc. Boosts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Lafayette Investments Inc. raised its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 104.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,000 shares of the software company's stock after acquiring an additional 2,040 shares during the period. Lafayette Investments Inc.'s holdings in Adobe were worth $1,534,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Copia Wealth Management purchased a new position in Adobe in the fourth quarter worth about $28,000. SWAN Capital LLC purchased a new position in Adobe in the 4th quarter worth approximately $28,000. Summit Securities Group LLC bought a new position in Adobe in the 4th quarter valued at approximately $31,000. Bernard Wealth Management Corp. purchased a new stake in Adobe during the 4th quarter valued at $36,000. Finally, Mascoma Wealth Management LLC increased its holdings in shares of Adobe by 142.9% in the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock worth $38,000 after purchasing an additional 50 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the company. Piper Sandler lowered their price target on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Royal Bank Of Canada restated an "outperform" rating and set a $480.00 price objective on shares of Adobe in a research report on Thursday, June 5th. UBS Group raised their target price on shares of Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a report on Monday, June 9th. DA Davidson reiterated a "buy" rating and set a $500.00 target price on shares of Adobe in a research note on Friday, June 20th. Finally, Mizuho lowered their price target on Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. Nine analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $496.75.

Adobe Stock Down 0.7%

ADBE opened at $384.95 on Friday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.18 and a current ratio of 0.99. The firm's fifty day moving average is $392.49 and its 200 day moving average is $412.76. The stock has a market cap of $164.07 billion, a price-to-earnings ratio of 24.63, a price-to-earnings-growth ratio of 1.84 and a beta of 1.55. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75.

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

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.

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