OVERSEA CHINESE BANKING Corp Ltd grew its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 1,482.7% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,298,389 shares of the software company's stock after purchasing an additional 1,216,351 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd owned about 0.30% of Adobe worth $498,000 at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in the stock. Geode Capital Management LLC grew its position in Adobe by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock valued at $4,739,788,000 after purchasing an additional 151,286 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in shares of Adobe by 14.4% during the 1st quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock valued at $2,504,685,000 after acquiring an additional 821,293 shares during the last quarter. Norges Bank purchased a new stake in shares of Adobe during the 4th quarter valued at about $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Adobe by 12.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock valued at $2,375,345,000 after acquiring an additional 600,146 shares during the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of Adobe by 14.5% in the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock worth $2,363,125,000 after buying an additional 672,919 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
A number of equities analysts recently issued reports on the stock. Royal Bank Of Canada reissued an "outperform" rating and issued a $480.00 price objective on shares of Adobe in a report on Thursday, June 5th. Bank of America lifted their price target on shares of Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a report on Friday, June 13th. Stifel Nicolaus lowered their price target on shares of Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a report on Friday, June 13th. Wells Fargo & Company reiterated an "overweight" rating and set a $470.00 price objective (up previously from $430.00) on shares of Adobe in a research report on Friday, June 13th. Finally, Mizuho cut their price objective on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a research report on Friday, June 13th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, Adobe has a consensus rating of "Moderate Buy" and an average price target of $473.88.
Check Out Our Latest Research Report on Adobe
Adobe Stock Performance
NASDAQ:ADBE traded up $4.12 during midday trading on Thursday, hitting $365.89. The company's stock had a trading volume of 2,326,562 shares, compared to its average volume of 3,464,489. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The firm's 50 day moving average is $394.90 and its 200-day moving average is $404.10. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market cap of $155.21 billion, a P/E ratio of 23.39, a P/E/G ratio of 1.73 and a beta of 1.51.
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 for the quarter, topping 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 company had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. During the same quarter in the prior year, the company earned $4.48 EPS. Adobe's quarterly revenue was up 10.6% on a year-over-year basis. Equities analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.
About Adobe
(
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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