NBC Securities Inc. Has $2.34 Million Position in Adobe Inc. (NASDAQ:ADBE)

NBC Securities Inc. grew its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 121,740.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,092 shares of the software company's stock after acquiring an additional 6,087 shares during the quarter. NBC Securities Inc.'s holdings in Adobe were worth $2,336,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Brighton Jones LLC boosted its stake in shares of Adobe by 2.1% during the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock worth $3,588,000 after buying an additional 167 shares during the last quarter. Union Bancaire Privee UBP SA acquired a new stake in shares of Adobe in the fourth quarter valued at about $76,712,000. Heck Capital Advisors LLC bought a new stake in Adobe during the fourth quarter worth about $502,000. Clear Creek Financial Management LLC boosted its position in Adobe by 10.4% during the fourth quarter. Clear Creek Financial Management LLC now owns 1,266 shares of the software company's stock valued at $563,000 after purchasing an additional 119 shares during the last quarter. Finally, Everett Harris & Co. CA grew its stake in Adobe by 9.8% in the fourth quarter. Everett Harris & Co. CA now owns 985 shares of the software company's stock valued at $438,000 after purchasing an additional 88 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Price Performance

Shares of NASDAQ ADBE traded up $9.09 during midday trading on Tuesday, reaching $412.49. The company's stock had a trading volume of 2,736,539 shares, compared to its average volume of 3,422,380. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The company has a market cap of $175.80 billion, a P/E ratio of 33.27, a P/E/G ratio of 2.15 and a beta of 1.55. The business's 50 day moving average price is $379.21 and its two-hundred day moving average price is $426.57. 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 released its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share for the quarter, beating analysts' consensus estimates of $4.97 by $0.11. The firm had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the prior year, the company posted $4.48 EPS. On average, analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on ADBE. Wells Fargo & Company dropped their price objective on Adobe from $600.00 to $430.00 and set an "overweight" rating on the stock in a research note on Tuesday, April 22nd. UBS Group dropped their price target on shares of Adobe from $410.00 to $380.00 and set a "neutral" rating on the stock in a research report on Friday, April 11th. DA Davidson decreased their price objective on shares of Adobe from $600.00 to $450.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Piper Sandler lowered their price objective on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Finally, JPMorgan Chase & Co. cut their target price on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a research note on Thursday, March 13th. Eleven investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $502.88.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction dated Thursday, March 20th. The stock was bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. This represents a 4.55% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.16% of the company's stock.

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.