NewEdge Wealth LLC lowered its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 1.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 91,171 shares of the software company's stock after selling 940 shares during the period. NewEdge Wealth LLC's holdings in Adobe were worth $34,967,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also bought and sold shares of the business. Siemens Fonds Invest GmbH boosted its holdings in shares of Adobe by 252.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after purchasing an additional 39,888 shares in the last quarter. Barnes Dennig Private Wealth Management LLC purchased a new stake in Adobe during the 1st quarter valued at about $26,000. SWAN Capital LLC purchased a new stake in Adobe during the 4th quarter valued at about $28,000. Copia Wealth Management purchased a new stake in Adobe during the 4th quarter valued at about $28,000. Finally, HHM Wealth Advisors LLC purchased a new stake in Adobe during the 1st quarter valued at about $30,000. Hedge funds and other institutional investors own 81.79% of the company's stock.
Wall Street Analysts Forecast Growth
Several equities research analysts have weighed in on the company. Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Bank of America increased their price objective on Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a report on Friday, June 13th. Mizuho decreased their target price on Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. Evercore ISI reissued an "outperform" rating and issued a $475.00 target price on shares of Adobe in a research report on Friday, June 13th. Finally, UBS Group increased their target price on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research report on Monday, June 9th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Adobe has a consensus rating of "Moderate Buy" and a consensus target price of $473.88.
Check Out Our Latest Report on ADBE
Adobe Stock Performance
Shares of ADBE stock traded down $8.95 on Monday, reaching $338.85. The stock had a trading volume of 6,439,554 shares, compared to its average volume of 3,284,436. The stock has a market cap of $143.74 billion, a P/E ratio of 21.68, a price-to-earnings-growth ratio of 1.65 and a beta of 1.51. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The company has a 50 day simple moving average of $385.72 and a 200 day simple moving average of $398.74.
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 company 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%. Adobe's quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the business earned $4.48 earnings per share. Equities research analysts expect that Adobe Inc. will post 16.65 EPS for the current year.
Adobe Profile
(
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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