Palumbo Wealth Management LLC Acquires 1,546 Shares of Adobe Inc. (NASDAQ:ADBE)

Palumbo Wealth Management LLC raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 68.2% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,814 shares of the software company's stock after acquiring an additional 1,546 shares during the quarter. Palumbo Wealth Management LLC's holdings in Adobe were worth $1,463,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of ADBE. Garde Capital Inc. purchased a new position in Adobe during the first quarter valued at approximately $34,000. Arizona State Retirement System raised its position in shares of Adobe by 0.4% during the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock valued at $56,784,000 after purchasing an additional 570 shares during the period. Burling Wealth Partners LLC purchased a new position in shares of Adobe during the 4th quarter valued at $1,173,000. Sound Income Strategies LLC boosted its holdings in Adobe by 17.6% in the 1st quarter. Sound Income Strategies LLC now owns 308 shares of the software company's stock worth $118,000 after buying an additional 46 shares during the period. Finally, Horan Capital Advisors LLC. increased its stake in Adobe by 2.4% in the 4th quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company's stock worth $2,162,000 after buying an additional 114 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

Adobe Trading Up 0.6%

NASDAQ:ADBE traded up $2.22 during midday trading on Tuesday, hitting $382.34. 4,794,607 shares of the company traded hands, compared to its average volume of 3,401,527. The firm has a market capitalization of $162.95 billion, a P/E ratio of 24.46, a P/E/G ratio of 1.80 and a beta of 1.55. The firm's fifty day moving average is $390.90 and its 200-day moving average is $414.07. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The company has a current ratio of 0.99, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE - Get Free Report) last announced 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. The business had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business's revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.48 earnings per share. On average, sell-side analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several research analyst reports. Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Morgan Stanley cut their price objective on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. 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. Stifel Nicolaus dropped their target price on shares of Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a research report on Friday, June 13th. Finally, Piper Sandler cut their target price on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Nine research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $496.75.

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.