Prudential PLC Increases Stake in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Prudential PLC increased its stake in Adobe Inc. by 13.1%, purchasing an additional 6,881 shares during the first quarter, bringing their total holdings to 59,263 shares valued at approximately $22.7 million.
• Adobe reported a quarterly EPS of $5.06, surpassing estimates, along with a revenue of $5.87 billion, marking a year-over-year increase of 10.6%.
• Analysts have set a consensus price target of $467.58 for Adobe shares, with ratings ranging from sell to strong buy among different investment firms.

Prudential PLC boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 13.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 59,263 shares of the software company's stock after purchasing an additional 6,881 shares during the period. Prudential PLC's holdings in Adobe were worth $22,729,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of ADBE. Copia Wealth Management purchased a new stake in Adobe during the fourth quarter worth $28,000. SWAN Capital LLC acquired a new position in Adobe during the fourth quarter worth $28,000. Barnes Dennig Private Wealth Management LLC acquired a new stake in shares of Adobe in the first quarter valued at about $26,000. HHM Wealth Advisors LLC acquired a new stake in shares of Adobe in the first quarter valued at about $30,000. Finally, Bernard Wealth Management Corp. purchased a new stake in shares of Adobe in the fourth quarter valued at about $36,000. Hedge funds and other institutional investors own 81.79% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. BMO Capital Markets reissued an "outperform" rating and issued a $450.00 price objective on shares of Adobe in a report on Friday, June 13th. Oppenheimer cut their price objective 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. Citigroup cut their price objective on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a report on Monday, June 16th. JMP Securities restated a "market perform" rating on shares of Adobe in a research report on Monday, June 23rd. Finally, Piper Sandler lowered their target price on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Four analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $467.58.

Adobe Price Performance

Shares of NASDAQ:ADBE traded up $12.64 on Wednesday, reaching $351.07. 4,371,225 shares of the company were exchanged, compared to its average volume of 3,525,012. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. Adobe Inc. has a 1-year low of $330.04 and a 1-year high of $587.75. The firm has a market cap of $148.92 billion, a price-to-earnings ratio of 22.46, a price-to-earnings-growth ratio of 1.60 and a beta of 1.51. The company has a 50-day moving average of $374.41 and a 200-day moving average of $394.07.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating analysts' consensus estimates of $4.97 by $0.09. The firm had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The firm's revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the company earned $4.48 EPS. Equities analysts forecast 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.