Mirae Asset Global Investments Co. Ltd. Increases Position in Adobe Inc. (NASDAQ:ADBE)

Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 12.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 159,352 shares of the software company's stock after buying an additional 18,077 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Adobe were worth $61,464,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of ADBE. Siemens Fonds Invest GmbH raised its holdings in Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after buying an additional 39,888 shares during the last quarter. SWAN Capital LLC acquired a new position in Adobe during the fourth quarter worth $28,000. Copia Wealth Management acquired a new position in Adobe during the fourth quarter worth $28,000. Summit Securities Group LLC acquired a new position in Adobe during the fourth quarter worth $31,000. Finally, Garde Capital Inc. acquired a new position in Adobe during the first quarter worth $34,000. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Stock Performance

NASDAQ:ADBE traded up $0.88 on Friday, reaching $385.83. 5,081,963 shares of the company's stock were exchanged, compared to its average volume of 3,399,346. 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 has a market cap of $163.67 billion, a price-to-earnings ratio of 24.69, a P/E/G ratio of 1.83 and a beta of 1.55. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The stock has a fifty day simple moving average of $393.23 and a 200-day simple moving average of $410.69.

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

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Phillip Securities upgraded shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday, June 16th. Wells Fargo & Company reiterated an "overweight" rating and issued a $470.00 target price (up previously from $430.00) on shares of Adobe in a report on Friday, June 13th. JPMorgan Chase & Co. lowered their target price on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Wall Street Zen upgraded shares of Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Finally, Evercore ISI reiterated an "outperform" rating and issued a $475.00 target price on shares of Adobe in a report on Friday, June 13th. Nine analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $496.75.

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.