Penobscot Investment Management Company Inc. grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 14.9% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 19,164 shares of the software company's stock after purchasing an additional 2,486 shares during the quarter. Penobscot Investment Management Company Inc.'s holdings in Adobe were worth $7,350,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also recently made changes to their positions in ADBE. Siemens Fonds Invest GmbH lifted its stake in shares of Adobe by 252.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after purchasing an additional 39,888 shares during the period. SWAN Capital LLC bought a new stake in Adobe during the 4th quarter worth approximately $28,000. Copia Wealth Management bought a new stake in Adobe during the 4th quarter worth approximately $28,000. Summit Securities Group LLC bought a new stake in Adobe during the 4th quarter worth approximately $31,000. Finally, Garde Capital Inc. bought a new stake in Adobe during the 1st quarter worth approximately $34,000. Institutional investors own 81.79% of the company's stock.
Adobe Stock Performance
Shares of Adobe stock opened at $387.55 on Thursday. The company has a market capitalization of $165.17 billion, a PE ratio of 24.80, a P/E/G ratio of 1.81 and a beta of 1.55. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.18 and a current ratio of 0.99. The company has a 50-day simple moving average of $391.76 and a two-hundred day simple moving average of $413.89. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75.
Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) 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 firm 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 posted $4.48 earnings per share. The company's revenue for the quarter was up 10.6% compared to the same quarter last year. Research analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.
Analysts Set New Price Targets
A number of equities research analysts have issued reports on the stock. UBS Group increased their price objective on shares of Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a report on Monday, June 9th. Bank of America boosted their price objective on shares of Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a research report on Friday, June 13th. Robert W. Baird boosted their price objective on shares of Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research report on Monday, June 16th. JMP Securities reissued a "market perform" rating on shares of Adobe in a research note on Monday. Finally, Jefferies Financial Group lowered their price objective on shares of Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Nine investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $496.75.
Check Out Our Latest Analysis on Adobe
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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