Migdal Insurance & Financial Holdings Ltd. Increases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Migdal Insurance & Financial Holdings Ltd. raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 5,093.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 62,790 shares of the software company's stock after purchasing an additional 61,581 shares during the quarter. Migdal Insurance & Financial Holdings Ltd.'s holdings in Adobe were worth $24,082,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Siemens Fonds Invest GmbH boosted its stake in shares of Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after purchasing an additional 39,888 shares in the last quarter. Barnes Dennig Private Wealth Management LLC acquired a new position in Adobe in the first quarter valued at approximately $26,000. SWAN Capital LLC acquired a new position in Adobe in the fourth quarter valued at approximately $28,000. Copia Wealth Management acquired a new position in shares of Adobe during the fourth quarter worth approximately $28,000. Finally, Summit Securities Group LLC acquired a new position in shares of Adobe during the fourth quarter worth approximately $31,000. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Price Performance

Shares of Adobe stock traded down $0.66 during trading on Friday, hitting $365.79. 2,445,698 shares of the stock traded hands, compared to its average volume of 3,477,489. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The stock has a market cap of $155.17 billion, a price-to-earnings ratio of 23.40, a PEG ratio of 1.73 and a beta of 1.51. The firm's fifty day moving average is $394.20 and its 200-day moving average is $402.72. Adobe Inc. has a 52 week low of $332.01 and a 52 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 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The business had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same period last year, the company earned $4.48 EPS. Adobe's revenue for the quarter was up 10.6% compared to the same quarter last year. Research analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ADBE. Bank of America upped their price target on Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a report on Friday, June 13th. BMO Capital Markets reiterated an "outperform" rating and set a $450.00 price target on shares of Adobe in a report on Friday, June 13th. UBS Group upped their price target on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a report on Monday, June 9th. Redburn Atlantic downgraded Adobe from a "hold" rating to a "strong sell" rating and decreased their price target for the stock from $420.00 to $280.00 in a report on Wednesday, July 2nd. Finally, Rothschild & Co Redburn downgraded Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price target for the company. in a report on Wednesday, July 2nd. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Adobe currently has an average rating of "Moderate Buy" and a consensus target price of $473.88.

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.