Mediolanum International Funds Ltd Increases Holdings in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Mediolanum International Funds Ltd raised its position in Adobe Inc. by 4.7% during the 1st quarter, owning 79,917 shares valued at approximately $30.8 million.
• Analysts have varied ratings on Adobe, with a consensus rating of "Moderate Buy" and a price target averaging around $473.88.
• Adobe reported an earnings per share (EPS) of $5.06 for the last quarter, exceeding estimates, with revenues of $5.87 billion, a 10.6% increase from the previous year.

Mediolanum International Funds Ltd raised its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 4.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 79,917 shares of the software company's stock after buying an additional 3,603 shares during the quarter. Mediolanum International Funds Ltd's holdings in Adobe were worth $30,825,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sepio Capital LP increased its holdings in shares of Adobe by 2.3% in the fourth quarter. Sepio Capital LP now owns 993 shares of the software company's stock valued at $442,000 after purchasing an additional 22 shares during the period. Cadence Bank increased its holdings in shares of Adobe by 0.5% in the fourth quarter. Cadence Bank now owns 4,883 shares of the software company's stock valued at $2,171,000 after purchasing an additional 22 shares during the period. Eagle Strategies LLC increased its holdings in shares of Adobe by 1.5% in the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock valued at $651,000 after purchasing an additional 22 shares during the period. RB Capital Management LLC increased its holdings in shares of Adobe by 0.4% in the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock valued at $2,198,000 after purchasing an additional 22 shares during the period. Finally, Orin Green Financial LLC increased its holdings in shares of Adobe by 3.8% in the fourth quarter. Orin Green Financial LLC now owns 621 shares of the software company's stock valued at $276,000 after purchasing an additional 23 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of research reports. Mizuho cut their price objective on Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. Rothschild & Co Redburn lowered Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price objective on the stock. in a report on Wednesday, July 2nd. BMO Capital Markets reaffirmed an "outperform" rating and set a $450.00 target price on shares of Adobe in a report on Friday, June 13th. Jefferies Financial Group dropped their target price on Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Finally, Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a report on Saturday. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $473.88.

Adobe Price Performance

Shares of NASDAQ ADBE traded down $1.19 during midday trading on Monday, hitting $369.55. The stock had a trading volume of 1,874,305 shares, compared to its average volume of 3,758,056. The company has a market capitalization of $156.76 billion, a PE ratio of 23.63, a P/E/G ratio of 1.76 and a beta of 1.51. The stock has a 50 day simple moving average of $391.01 and a 200-day simple moving average of $400.57. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54.

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 the consensus estimate of $4.97 by $0.09. The business had revenue of $5.87 billion for 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 business's quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the business posted $4.48 earnings per share. On average, sell-side analysts expect that Adobe Inc. will post 16.65 EPS 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.