Adobe Inc. (NASDAQ:ADBE) Stock Holdings Raised by Ontario Teachers Pension Plan Board

Key Points

• Ontario Teachers Pension Plan Board significantly increased its Adobe Inc. holdings by 399.8% during the first quarter, owning a total of 4,333 shares valued at $1.66 million.
• Research firms issued varied ratings on Adobe, with Oppenheimer lowering its price target to $500, while Phillip Securities upgraded to a "strong-buy" rating.
• Adobe's stock price reached $341.05 after trading up $2.78, with the company reporting quarterly earnings of $5.06 per share, beating expectations.

Ontario Teachers Pension Plan Board boosted its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 399.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,333 shares of the software company's stock after purchasing an additional 3,466 shares during the period. Ontario Teachers Pension Plan Board's holdings in Adobe were worth $1,662,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Copia Wealth Management purchased a new position in shares of Adobe during the 4th quarter worth approximately $28,000. SWAN Capital LLC purchased a new position in shares of Adobe during the 4th quarter worth approximately $28,000. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Adobe during the 1st quarter worth approximately $26,000. HHM Wealth Advisors LLC purchased a new position in shares of Adobe during the 1st quarter worth approximately $30,000. Finally, Bernard Wealth Management Corp. purchased a new position in shares of Adobe during the 4th quarter worth approximately $36,000. Institutional investors and hedge funds own 81.79% of the company's stock.

Analyst Ratings Changes

A number of research analysts have recently weighed in on ADBE shares. Rothschild & Co Redburn cut shares of Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price objective for the company. in a research note on Wednesday, July 2nd. Morgan Stanley dropped their price objective on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. BMO Capital Markets restated an "outperform" rating and set a $450.00 target price on shares of Adobe in a research 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 research report on Monday, June 9th. Finally, Phillip Securities upgraded shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a research report on Monday, June 16th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Adobe has an average rating of "Moderate Buy" and an average target price of $473.88.

Adobe Trading Up 0.8%

Shares of ADBE traded up $2.78 during mid-day trading on Friday, reaching $341.05. The company had a trading volume of 3,506,570 shares, compared to its average volume of 3,402,612. The stock has a market cap of $144.67 billion, a price-to-earnings ratio of 21.82, a price-to-earnings-growth ratio of 1.60 and a beta of 1.51. The firm has a fifty day simple moving average of $378.55 and a 200-day simple moving average of $396.05. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week 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 posted 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. 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 previous year, the business posted $4.48 EPS. The business's quarterly revenue was up 10.6% on a year-over-year basis. On average, sell-side analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.