Phraction Management LLC Grows Position in Adobe Inc. (NASDAQ:ADBE)

Phraction Management LLC raised its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 42.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,208 shares of the software company's stock after buying an additional 662 shares during the quarter. Phraction Management LLC's holdings in Adobe were worth $847,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Sepio Capital LP boosted its stake in shares of Adobe by 2.3% during the 4th quarter. Sepio Capital LP now owns 993 shares of the software company's stock valued at $442,000 after buying an additional 22 shares during the period. Cadence Bank raised its holdings in shares of Adobe by 0.5% during the fourth quarter. Cadence Bank now owns 4,883 shares of the software company's stock worth $2,171,000 after acquiring an additional 22 shares in the last quarter. Eagle Strategies LLC boosted its position in Adobe by 1.5% during the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock valued at $651,000 after purchasing an additional 22 shares during the last quarter. RB Capital Management LLC grew its stake in Adobe by 0.4% in the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock valued at $2,198,000 after purchasing an additional 22 shares in the last quarter. Finally, Orin Green Financial LLC increased its position in Adobe by 3.8% in the 4th quarter. Orin Green Financial LLC now owns 621 shares of the software company's stock worth $276,000 after purchasing an additional 23 shares during the last quarter. Institutional investors own 81.79% of the company's stock.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Redburn Atlantic reaffirmed a "sell" rating and issued a $280.00 price target (down previously from $420.00) on shares of Adobe in a research report on Wednesday. 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 research report on Wednesday, April 16th. Oppenheimer lowered their price target on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. JMP Securities restated a "market perform" rating on shares of Adobe in a research report on Monday, June 23rd. Finally, Robert W. Baird upped their price objective on shares of Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research note on Monday, June 16th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $480.08.

Adobe Trading Down 3.5%

Shares of ADBE stock traded down $13.63 on Wednesday, hitting $378.47. 6,906,864 shares of the company's stock traded hands, compared to its average volume of 3,424,057. The company's fifty day simple moving average is $394.95 and its 200 day simple moving average is $409.57. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The stock has a market capitalization of $160.55 billion, a price-to-earnings ratio of 24.21, a P/E/G ratio of 1.83 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.09. The company had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. Adobe's quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the firm earned $4.48 earnings per share. Equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

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.