Adobe Inc. (NASDAQ:ADBE) Stock Holdings Lifted by Perigon Wealth Management LLC

Perigon Wealth Management LLC raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 6.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,181 shares of the software company's stock after purchasing an additional 680 shares during the quarter. Perigon Wealth Management LLC's holdings in Adobe were worth $4,288,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of ADBE. Siemens Fonds Invest GmbH lifted its position in shares of Adobe by 252.9% during the fourth 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 last quarter. SWAN Capital LLC acquired a new stake in Adobe during the fourth quarter valued at approximately $28,000. Copia Wealth Management acquired a new stake in Adobe during the fourth quarter valued at approximately $28,000. Summit Securities Group LLC bought a new position in Adobe during the 4th quarter worth approximately $31,000. Finally, Garde Capital Inc. acquired a new position in shares of Adobe in the 1st quarter worth approximately $34,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Price Performance

ADBE stock traded up $0.88 during trading on Friday, hitting $385.83. The company had a trading volume of 5,081,963 shares, compared to its average volume of 3,411,345. The business has a 50 day moving average of $392.49 and a 200 day moving average of $412.76. The firm has a market capitalization of $164.44 billion, a price-to-earnings ratio of 24.69, a P/E/G ratio of 1.84 and a beta of 1.55. 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 Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, topping analysts' consensus estimates 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 during the quarter, compared to analyst estimates of $5.80 billion. During the same period in the prior year, the business posted $4.48 EPS. The business's revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ADBE. Evercore ISI reissued an "outperform" rating and set a $475.00 price target on shares of Adobe in a research report on Friday, June 13th. Phillip Securities upgraded shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a research note on Monday, June 16th. Wells Fargo & Company restated an "overweight" rating and issued a $470.00 price target (up from $430.00) on shares of Adobe in a research report on Friday, June 13th. JPMorgan Chase & Co. decreased their price target on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating for the company in a report on Thursday, March 13th. Finally, Oppenheimer lowered their price objective on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. Nine analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $496.75.

Adobe Company 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.