Nisa Investment Advisors LLC Acquires 2,874 Shares of Adobe Inc. (NASDAQ:ADBE)

Nisa Investment Advisors LLC grew its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 1.9% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 152,675 shares of the software company's stock after acquiring an additional 2,874 shares during the quarter. Nisa Investment Advisors LLC's holdings in Adobe were worth $58,555,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. Wealth Advisory Solutions LLC boosted its holdings in shares of Adobe by 38.3% in the 1st quarter. Wealth Advisory Solutions LLC now owns 8,197 shares of the software company's stock worth $3,144,000 after buying an additional 2,268 shares during the last quarter. Harvey Capital Management Inc. boosted its holdings in shares of Adobe by 1.7% in the 1st quarter. Harvey Capital Management Inc. now owns 2,415 shares of the software company's stock worth $926,000 after buying an additional 40 shares during the last quarter. Chemung Canal Trust Co. boosted its holdings in shares of Adobe by 1.5% in the 1st quarter. Chemung Canal Trust Co. now owns 3,368 shares of the software company's stock worth $1,292,000 after buying an additional 51 shares during the last quarter. Cornerstone Planning Group LLC boosted its holdings in shares of Adobe by 128.6% in the 1st quarter. Cornerstone Planning Group LLC now owns 112 shares of the software company's stock worth $39,000 after buying an additional 63 shares during the last quarter. Finally, GFG Capital LLC boosted its holdings in shares of Adobe by 28.2% in the 1st quarter. GFG Capital LLC now owns 6,162 shares of the software company's stock worth $2,363,000 after buying an additional 1,355 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on ADBE shares. JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a report on Monday, June 23rd. Wall Street Zen raised shares of Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Mizuho dropped their price objective on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. DA Davidson reaffirmed a "buy" rating and set a $500.00 price objective on shares of Adobe in a report on Friday, June 20th. Finally, Rothschild & Co Redburn downgraded shares of 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. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $480.08.

Adobe Price Performance

Shares of NASDAQ:ADBE traded down $8.08 during trading on Friday, reaching $363.35. The company had a trading volume of 3,545,215 shares, compared to its average volume of 3,460,173. The company has a fifty day moving average of $396.03 and a two-hundred day moving average of $405.54. The stock has a market capitalization of $154.13 billion, a P/E ratio of 23.25, a price-to-earnings-growth ratio of 1.72 and a beta of 1.51. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54.

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