Penserra Capital Management LLC Has $2 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Penserra Capital Management LLC lessened its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 14.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 5,215 shares of the software company's stock after selling 875 shares during the quarter. Penserra Capital Management LLC's holdings in Adobe were worth $1,999,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Brighton Jones LLC grew its position in Adobe by 2.1% in the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock worth $3,588,000 after acquiring an additional 167 shares during the period. Bank Pictet & Cie Europe AG raised its stake in shares of Adobe by 2.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock valued at $12,882,000 after acquiring an additional 756 shares in the last quarter. GHE LLC raised its stake in Adobe by 2.9% in the fourth quarter. GHE LLC now owns 23,577 shares of the software company's stock valued at $10,484,000 after buying an additional 670 shares in the last quarter. Proficio Capital Partners LLC raised its stake in Adobe by 85.8% in the fourth quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company's stock valued at $1,043,000 after buying an additional 1,083 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its stake in Adobe by 11.0% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 258,340 shares of the software company's stock valued at $114,879,000 after buying an additional 25,543 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of research analyst reports. KeyCorp upgraded Adobe from an "underweight" rating to a "sector weight" rating in a research report on Friday, March 21st. UBS Group lifted their price objective on Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a report on Monday, June 9th. Mizuho lowered their price objective on Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. Piper Sandler decreased their price target on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Finally, BMO Capital Markets restated an "outperform" rating and set a $450.00 price objective on shares of Adobe in a research report on Friday, June 13th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Adobe presently has an average rating of "Moderate Buy" and a consensus target price of $480.08.

Adobe Stock Performance

NASDAQ ADBE traded up $5.31 during trading hours on Tuesday, reaching $382.24. The company's stock had a trading volume of 3,706,351 shares, compared to its average volume of 3,434,380. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The business has a 50-day simple moving average of $396.25 and a 200 day simple moving average of $407.34. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The stock has a market cap of $162.15 billion, a PE ratio of 24.46, a PEG ratio of 1.80 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 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 company had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same quarter last year, the business earned $4.48 earnings per share. Adobe's revenue was up 10.6% compared to the same quarter last year. Equities research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

About Adobe

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.