Peregrine Capital Management LLC reduced its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 3.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 93,245 shares of the software company's stock after selling 3,398 shares during the quarter. Adobe comprises about 1.2% of Peregrine Capital Management LLC's investment portfolio, making the stock its 18th biggest position. Peregrine Capital Management LLC's holdings in Adobe were worth $35,762,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ADBE. Norges Bank acquired a new stake in Adobe during the 4th quarter worth approximately $2,553,035,000. GAMMA Investing LLC lifted its position in Adobe by 46,806.6% during the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock valued at $1,147,049,000 after buying an additional 2,984,391 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in Adobe by 82.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock worth $937,291,000 after buying an additional 952,233 shares during the period. Two Sigma Advisers LP increased its position in shares of Adobe by 1,414.5% in the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock worth $395,321,000 after acquiring an additional 830,300 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Adobe in the fourth quarter worth $365,750,000. Institutional investors and hedge funds own 81.79% of the company's stock.
Analyst Upgrades and Downgrades
Several equities analysts recently weighed in on the stock. Jefferies Financial Group reduced their target price on shares of Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Phillip Securities upgraded Adobe from a "moderate sell" rating to a "strong-buy" rating in a research note on Monday, June 16th. BMO Capital Markets reaffirmed an "outperform" rating and issued a $450.00 target price on shares of Adobe in a research report on Friday, June 13th. KeyCorp upgraded Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. Finally, Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, Adobe currently has a consensus rating of "Moderate Buy" and an average target price of $480.08.
Check Out Our Latest Stock Analysis on Adobe
Adobe Stock Up 0.3%
NASDAQ:ADBE traded up $1.09 during mid-day trading on Thursday, reaching $379.56. The stock had a trading volume of 2,863,680 shares, compared to its average volume of 3,423,307. 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 company has a market capitalization of $161.01 billion, a price-to-earnings ratio of 24.28, a price-to-earnings-growth ratio of 1.86 and a beta of 1.51. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The stock's 50 day simple moving average is $395.48 and its two-hundred day simple moving average is $409.36.
Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping the consensus estimate of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. During the same quarter last year, the firm earned $4.48 EPS. The business's revenue was up 10.6% on a year-over-year basis. Equities analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.
Adobe Company 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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