Nutshell Asset Management Ltd Grows Position in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Nutshell Asset Management Ltd increased its position in Adobe Inc. by 76.1% in the first quarter, now holding 53,343 shares worth approximately $20.46 million, making it its largest investment.
• Adobe reported earnings of $5.06 EPS, exceeding expectations, with quarterly revenue up 10.6% from the previous year, amounting to $5.87 billion.
• Analysts have mixed views on Adobe's stock, with targets ranging from $280 to $480, reflecting a consensus price target of $473.88 and an average rating of "Moderate Buy."

Nutshell Asset Management Ltd grew its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 76.1% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 53,343 shares of the software company's stock after acquiring an additional 23,050 shares during the quarter. Adobe accounts for 10.7% of Nutshell Asset Management Ltd's holdings, making the stock its biggest position. Nutshell Asset Management Ltd's holdings in Adobe were worth $20,459,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. Cadence Bank raised its stake in Adobe by 0.5% during the fourth quarter. Cadence Bank now owns 4,883 shares of the software company's stock valued at $2,171,000 after purchasing an additional 22 shares in the last quarter. Eagle Strategies LLC grew its position in Adobe by 1.5% in the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock worth $651,000 after acquiring an additional 22 shares in the last quarter. RB Capital Management LLC increased its stake in Adobe by 0.4% during the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock worth $2,198,000 after acquiring an additional 22 shares during the last quarter. Orin Green Financial LLC raised its position in Adobe by 3.8% during the fourth quarter. Orin Green Financial LLC now owns 621 shares of the software company's stock valued at $276,000 after purchasing an additional 23 shares during the period. Finally, Diligent Investors LLC lifted its stake in shares of Adobe by 1.2% in the 4th quarter. Diligent Investors LLC now owns 2,160 shares of the software company's stock valued at $961,000 after purchasing an additional 26 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Stock Performance

ADBE stock opened at $338.27 on Friday. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The business has a 50-day moving average price of $380.02 and a 200 day moving average price of $396.70. The company has a market capitalization of $143.49 billion, a P/E ratio of 21.64, a PEG ratio of 1.64 and a beta of 1.51. 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 (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $5.80 billion. During the same quarter in the previous year, the business posted $4.48 EPS. The company's quarterly revenue was up 10.6% compared to the same quarter last year. As a group, equities research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. BMO Capital Markets restated an "outperform" rating and set a $450.00 price target on shares of Adobe in a report on Friday, June 13th. UBS Group raised their target price on shares of Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a report on Monday, June 9th. Royal Bank Of Canada reiterated an "outperform" rating and set a $480.00 price target on shares of Adobe in a report on Thursday, June 5th. Rothschild & Co Redburn lowered shares of Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price objective on the stock. in a research report on Wednesday, July 2nd. Finally, Bank of America boosted their target price on Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a research report on Friday, June 13th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $473.88.

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.

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