Oppenheimer Asset Management Inc. lessened its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 17.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 83,746 shares of the software company's stock after selling 17,176 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in Adobe were worth $32,119,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of Adobe during the fourth quarter valued at about $2,553,035,000. GAMMA Investing LLC lifted its position in shares of Adobe by 46,806.6% in the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock worth $1,147,049,000 after buying an additional 2,984,391 shares in the last quarter. Proficio Capital Partners LLC boosted its stake in Adobe by 82,528.8% during the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company's stock valued at $463,701,000 after buying an additional 1,041,513 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in Adobe by 82.4% during 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 buying an additional 952,233 shares in the last quarter. Finally, Two Sigma Advisers LP grew its holdings in Adobe by 1,414.5% during the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock valued at $395,321,000 after buying an additional 830,300 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of research firms recently weighed in on ADBE. JMP Securities reissued a "market perform" rating on shares of Adobe in a report on Monday. Wells Fargo & Company reissued an "overweight" rating and issued a $470.00 price objective (up from $430.00) on shares of Adobe in a research note on Friday, June 13th. Morgan Stanley reduced their target price on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Robert W. Baird increased their price target on shares of Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a report on Monday, June 16th. Finally, BMO Capital Markets reiterated an "outperform" rating and issued a $450.00 price target on shares of Adobe in a research report on Friday, June 13th. Nine equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Adobe presently has a consensus rating of "Moderate Buy" and an average target price of $496.75.
Read Our Latest Analysis on ADBE
Adobe Trading Down 0.7%
Shares of ADBE traded down $2.60 during trading hours on Thursday, reaching $384.95. 3,136,776 shares of the company traded hands, compared to its average volume of 3,404,659. The stock's fifty day moving average price is $392.49 and its 200 day moving average price is $412.76. The company has a current ratio of 0.99, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54. The firm has a market cap of $164.07 billion, a price-to-earnings ratio of 24.63, a PEG ratio of 1.84 and a beta of 1.55. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75.
Adobe (NASDAQ:ADBE - Get Free Report) last issued its 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. 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 period last year, the company posted $4.48 earnings per share. The company's quarterly revenue was up 10.6% compared to the same quarter last year. Sell-side analysts forecast that Adobe Inc. will post 16.65 earnings per share 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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