Adobe Inc. (NASDAQ:ADBE) Shares Bought by Pallas Capital Advisors LLC

Pallas Capital Advisors LLC raised its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 29.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 21,265 shares of the software company's stock after buying an additional 4,835 shares during the period. Pallas Capital Advisors LLC's holdings in Adobe were worth $8,156,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Copia Wealth Management purchased a new position in Adobe in the fourth quarter valued at $28,000. SWAN Capital LLC purchased a new position in Adobe in the fourth quarter valued at $28,000. Summit Securities Group LLC purchased a new position in Adobe in the fourth quarter valued at $31,000. Bernard Wealth Management Corp. purchased a new position in Adobe in the fourth quarter valued at $36,000. Finally, Mascoma Wealth Management LLC boosted its holdings in Adobe by 142.9% in the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock valued at $38,000 after purchasing an additional 50 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Down 0.8%

NASDAQ ADBE traded down $3.22 during trading hours on Wednesday, hitting $412.84. The company had a trading volume of 3,376,993 shares, compared to its average volume of 3,408,296. 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 $175.95 billion, a price-to-earnings ratio of 33.29, a P/E/G ratio of 2.15 and a beta of 1.55. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm's 50 day moving average is $384.27 and its 200 day moving average is $423.37.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The firm had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.66 billion. During the same period in the prior year, the firm earned $4.48 EPS. Sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Stifel Nicolaus decreased their target price on Adobe from $600.00 to $525.00 and set a "buy" rating for the company in a report on Thursday, March 13th. Jefferies Financial Group decreased their price target on Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a report on Monday, March 31st. Evercore ISI decreased their price target on Adobe from $650.00 to $550.00 and set an "outperform" rating for the company in a report on Thursday, March 13th. Robert W. Baird decreased their price target on Adobe from $490.00 to $410.00 and set a "neutral" rating for the company in a report on Wednesday, March 19th. Finally, Citigroup lifted their price target on Adobe from $430.00 to $465.00 and gave the stock a "neutral" rating in a report on Tuesday. Nine investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $503.33.

Insider Activity at Adobe

In other Adobe news, CFO Daniel Durn bought 1,300 shares of the stock in a transaction dated Thursday, March 20th. The stock was bought at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.16% of the stock is owned by insiders.

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.