Rathbones Group PLC Acquires 31,346 Shares of Adobe Inc. (NASDAQ:ADBE)

Key Points

• Rathbones Group PLC increased its holdings in Adobe Inc. by 5.3%, acquiring an additional 31,346 shares, bringing its total to 618,531 shares.
• According to multiple research analysts, Adobe's stock has been upgraded to "buy" by Wall Street Zen, while Piper Sandler lowered its price target from $600 to $500.
• Adobe reported a quarterly earnings per share (EPS) of $5.06, exceeding estimates, with revenues reaching $5.87 billion, marking a 10.6% year-over-year increase.

Rathbones Group PLC lifted its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 5.3% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 618,531 shares of the software company's stock after purchasing an additional 31,346 shares during the period. Adobe comprises approximately 1.1% of Rathbones Group PLC's portfolio, making the stock its 20th biggest holding. Rathbones Group PLC owned about 0.15% of Adobe worth $237,225,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Siemens Fonds Invest GmbH grew its holdings in shares of Adobe by 252.9% in 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. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Adobe in the first quarter worth approximately $26,000. SWAN Capital LLC bought a new position in shares of Adobe in the fourth quarter worth approximately $28,000. Copia Wealth Management bought a new position in shares of Adobe in the fourth quarter worth approximately $28,000. Finally, HHM Wealth Advisors LLC bought a new stake in Adobe in the first quarter valued at $30,000. Institutional investors own 81.79% of the company's stock.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded down $2.49 during mid-day trading on Thursday, reaching $348.58. 3,742,284 shares of the company traded hands, compared to its average volume of 3,798,046. The company's 50 day moving average price is $374.41 and its 200-day moving average price is $394.07. The firm has a market cap of $147.87 billion, a PE ratio of 22.30, a PEG ratio of 1.60 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. Adobe Inc. has a 52 week low of $330.04 and a 52 week high of $587.75.

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

Wall Street Analysts Forecast Growth

ADBE has been the topic of several recent analyst reports. BMO Capital Markets reiterated an "outperform" rating and issued a $450.00 price target on shares of Adobe in a report on Friday, June 13th. Redburn Atlantic cut shares of Adobe from a "hold" rating to a "strong sell" rating and lowered their price target for the company from $420.00 to $280.00 in a research report on Wednesday, July 2nd. 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. Mizuho lowered their price target on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. Finally, Melius cut shares of Adobe from a "hold" rating to a "sell" rating and set a $310.00 price target for the company. in a research report on Monday. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $467.58.

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.