Red Door Wealth Management LLC Purchases 1,097 Shares of Adobe Inc. (NASDAQ:ADBE)

Red Door Wealth Management LLC raised its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 9.7% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 12,448 shares of the software company's stock after buying an additional 1,097 shares during the quarter. Red Door Wealth Management LLC's holdings in Adobe were worth $4,774,000 as of its most recent SEC filing.

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

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on ADBE shares. Oppenheimer reduced their target price on Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research note on Friday, June 13th. Citigroup decreased their target price on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a research report on Monday, June 16th. Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. BMO Capital Markets restated an "outperform" rating and set a $450.00 target price on shares of Adobe in a report on Friday, June 13th. Finally, Evercore ISI reiterated an "outperform" rating and issued a $475.00 price target on shares of Adobe in a research note on Friday, June 13th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $480.08.

Adobe Trading Down 4.0%

ADBE stock traded down $15.88 during mid-day trading on Wednesday, reaching $376.23. 4,944,790 shares of the stock traded hands, compared to its average volume of 3,416,829. 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 $159.59 billion, a PE ratio of 24.07, a PEG ratio of 1.83 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The business has a 50-day moving average price of $394.95 and a two-hundred day moving average price of $409.57.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share 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 analyst estimates of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. Adobe'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. Equities research analysts expect that Adobe Inc. will post 16.65 EPS for the current 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.