Raymond James Financial Inc. Increases Position in Adobe Inc. $ADBE

Key Points

• Raymond James Financial Inc. increased its ownership in Adobe Inc. by 3.2%, holding 565,986 shares valued at approximately $217 million as of the latest quarter.
• Adobe's recent quarterly earnings show earnings per share of $5.06, exceeding expectations, with revenue growth of 10.6% year-over-year.
• Analysts have a consensus rating of "Moderate Buy" for Adobe, with an average price target of $467.58, reflecting positive outlook among multiple firms.

Raymond James Financial Inc. grew its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 3.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 565,986 shares of the software company's stock after acquiring an additional 17,666 shares during the period. Raymond James Financial Inc. owned about 0.13% of Adobe worth $217,073,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of ADBE. GAMMA Investing LLC lifted its position in Adobe by 46,806.6% during the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock valued at $1,147,049,000 after acquiring an additional 2,984,391 shares during the period. Goldman Sachs Group Inc. lifted its position in Adobe by 68.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company's stock valued at $1,754,954,000 after acquiring an additional 1,856,544 shares during the period. Nuveen LLC purchased a new position in Adobe during the 1st quarter valued at about $607,443,000. OVERSEA CHINESE BANKING Corp Ltd lifted its position in Adobe by 1,482.7% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company's stock valued at $498,000 after acquiring an additional 1,216,351 shares during the period. Finally, Two Sigma Advisers LP lifted its position in Adobe by 1,414.5% during the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock valued at $395,321,000 after acquiring an additional 830,300 shares during the period. 81.79% of the stock is owned by institutional investors.

Adobe Stock Performance

ADBE stock traded up $2.39 during midday trading on Monday, reaching $357.24. 2,920,441 shares of the company's stock traded hands, compared to its average volume of 3,647,353. Adobe Inc. has a 52-week low of $330.04 and a 52-week high of $587.75. The stock has a market cap of $151.54 billion, a P/E ratio of 22.86, a PEG ratio of 1.68 and a beta of 1.51. 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's 50-day moving average is $370.66 and its 200 day moving average is $391.57.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results 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 business had revenue of $5.87 billion during 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 earnings per share. As a group, analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages 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. Royal Bank Of Canada reissued an "outperform" rating and set a $480.00 price target on shares of Adobe in a research report on Thursday, June 5th. 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, August 11th. Piper Sandler reduced their price objective on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Finally, Phillip Securities upgraded shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a research note on Monday, June 16th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $467.58.

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.