Pinkerton Retirement Specialists LLC Takes $2.54 Million Position in Adobe Inc. (NASDAQ:ADBE)

Pinkerton Retirement Specialists LLC bought a new position in Adobe Inc. (NASDAQ:ADBE - Free Report) in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 6,632 shares of the software company's stock, valued at approximately $2,544,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its stake in Adobe by 2.1% during the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock valued at $3,588,000 after acquiring an additional 167 shares in the last quarter. Bank Pictet & Cie Europe AG lifted its position in Adobe by 2.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock worth $12,882,000 after buying an additional 756 shares in the last quarter. GHE LLC boosted its stake in shares of Adobe by 2.9% during the 4th 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 during the period. Proficio Capital Partners LLC grew its holdings in shares of Adobe by 85.8% during the 4th quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company's stock valued at $1,043,000 after acquiring an additional 1,083 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. lifted its stake in Adobe by 16.6% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 39,913 shares of the software company's stock valued at $17,749,000 after acquiring an additional 5,692 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Price Performance

Shares of Adobe stock traded up $4.68 during trading on Thursday, reaching $366.45. The company's stock had a trading volume of 3,338,919 shares, compared to its average volume of 3,468,279. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The stock has a 50-day moving average price of $394.90 and a two-hundred day moving average price of $404.10. 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 stock has a market capitalization of $155.45 billion, a P/E ratio of 23.45, a price-to-earnings-growth ratio of 1.73 and a beta of 1.51.

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

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of recent analyst reports. Royal Bank Of Canada restated an "outperform" rating and set a $480.00 price target on shares of Adobe in a report on Thursday, June 5th. BMO Capital Markets reaffirmed an "outperform" rating and issued a $450.00 target price on shares of Adobe in a report on Friday, June 13th. JMP Securities reissued a "market perform" rating on shares of Adobe in a research report on Monday, June 23rd. Evercore ISI reaffirmed an "outperform" rating and set a $475.00 target price on shares of Adobe in a research report on Friday, June 13th. Finally, Jefferies Financial Group reduced their price target on shares of Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a report on Monday, March 31st. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $473.88.

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.