LGT Fund Management Co Ltd. boosted its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 161.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,921 shares of the software company's stock after buying an additional 5,511 shares during the period. LGT Fund Management Co Ltd.'s holdings in Adobe were worth $3,421,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC increased its holdings in Adobe by 46,806.6% during 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 in the last quarter. Goldman Sachs Group Inc. increased its holdings in Adobe by 68.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company's stock worth $1,754,954,000 after purchasing an additional 1,856,544 shares in the last quarter. Nuveen LLC bought a new stake in Adobe during the 1st quarter worth approximately $607,443,000. OVERSEA CHINESE BANKING Corp Ltd increased its holdings in Adobe by 1,482.7% during 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 in the last quarter. Finally, Two Sigma Advisers LP increased its holdings in Adobe by 1,414.5% during 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 in the last quarter. 81.79% of the stock is owned by institutional investors.
Analysts Set New Price Targets
A number of equities analysts have recently weighed in on ADBE shares. Rothschild & Co Redburn downgraded Adobe from a "neutral" rating to a "sell" rating and set a $280.00 target price on the stock. in a research note on Wednesday, July 2nd. DA Davidson restated a "buy" rating and issued a $500.00 target price on shares of Adobe in a research note on Friday, June 20th. Melius Research upgraded Adobe to a "strong sell" rating in a research note on Monday. Stifel Nicolaus cut their target price on Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a research note on Friday, June 13th. Finally, Oppenheimer cut their target price on Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research note on Friday, June 13th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $467.58.
View Our Latest Research Report on Adobe
Adobe Stock Performance
ADBE stock traded down $2.49 during midday trading on Thursday, reaching $348.58. 3,742,708 shares of the company's stock traded hands, compared to its average volume of 3,798,079. The company has a 50-day moving average price of $374.41 and a two-hundred day moving average price of $394.07. 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 52 week low of $330.04 and a 52 week high of $587.75. The firm has a market capitalization of $147.87 billion, a PE ratio of 22.30, a price-to-earnings-growth ratio of 1.60 and a beta of 1.51.
Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results 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 firm had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business's quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.48 earnings per share. As a group, equities analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.
About Adobe
(
Free Report)
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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