Novare Capital Management LLC Grows Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Novare Capital Management LLC raised its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 20.3% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 31,396 shares of the software company's stock after buying an additional 5,293 shares during the period. Novare Capital Management LLC's holdings in Adobe were worth $12,041,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently added to or reduced their stakes in ADBE. Norges Bank purchased a new stake in Adobe in the 4th quarter valued at about $2,553,035,000. GAMMA Investing LLC raised its holdings in shares of Adobe by 46,806.6% in the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock valued at $1,147,049,000 after purchasing an additional 2,984,391 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in shares of Adobe by 82.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock valued at $937,291,000 after purchasing an additional 952,233 shares in the last quarter. Two Sigma Advisers LP raised its holdings in shares of Adobe by 1,414.5% in the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock valued at $395,321,000 after purchasing an additional 830,300 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in shares of Adobe in the 4th quarter valued at about $365,750,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on ADBE shares. Royal Bank Of Canada restated an "outperform" rating and issued a $480.00 price target on shares of Adobe in a report on Thursday, June 5th. KeyCorp upgraded shares of Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. JPMorgan Chase & Co. reduced their price target 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. Piper Sandler reduced their price target on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Finally, Oppenheimer reduced their price target on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a report on Friday, June 13th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $480.08.

Adobe Stock Performance

Adobe stock traded up $1.09 during mid-day trading on Friday, reaching $379.56. 2,863,680 shares of the company traded hands, compared to its average volume of 3,432,840. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The company has a market capitalization of $161.01 billion, a price-to-earnings ratio of 23.33, a price-to-earnings-growth ratio of 1.80 and a beta of 1.51. The firm's fifty day moving average is $396.09 and its two-hundred day moving average is $408.27.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating 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 business had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same quarter in the prior year, the business posted $4.48 EPS. Adobe's revenue for the quarter was up 10.6% compared to the same quarter last year. On average, equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Adobe 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.