Retirement Guys Formula LLC bought a new stake in Adobe Inc. (NASDAQ:ADBE - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 3,657 shares of the software company's stock, valued at approximately $1,403,000.
A number of other hedge funds have also made changes to their positions in the stock. Geode Capital Management LLC raised its stake in shares of Adobe by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock worth $4,739,788,000 after purchasing an additional 151,286 shares in the last quarter. Norges Bank bought a new position in Adobe during the fourth quarter valued at approximately $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Adobe by 12.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock valued at $2,375,345,000 after acquiring an additional 600,146 shares during the last quarter. Northern Trust Corp grew its position in Adobe by 14.5% in the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock worth $2,363,125,000 after acquiring an additional 672,919 shares in the last quarter. Finally, Edgewood Management LLC increased its stake in shares of Adobe by 20.7% during the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock worth $1,805,009,000 after purchasing an additional 696,172 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
ADBE has been the subject of a number of recent research reports. Robert W. Baird upped their price objective on shares of Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a report on Monday, June 16th. Summit Redstone set a $410.00 price target on Adobe in a research note on Wednesday, March 19th. DA Davidson reissued a "buy" rating and issued a $500.00 price objective on shares of Adobe in a research note on Friday, June 20th. BMO Capital Markets reaffirmed an "outperform" rating and set a $450.00 target price on shares of Adobe in a research report on Friday, June 13th. Finally, Wells Fargo & Company reiterated an "overweight" rating and set a $470.00 price target (up previously from $430.00) on shares of Adobe in a report on Friday, June 13th. Nine equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $496.75.
Check Out Our Latest Stock Analysis on ADBE
Adobe Price Performance
Shares of ADBE stock traded up $5.21 during mid-day trading on Wednesday, reaching $387.55. The company's stock had a trading volume of 3,715,639 shares, compared to its average volume of 3,402,790. The firm's 50-day moving average is $390.90 and its two-hundred day moving average is $414.07. The company has a market cap of $165.17 billion, a P/E ratio of 24.80, a PEG ratio of 1.80 and a beta of 1.55. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.18 and a current ratio of 0.99.
Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.09. The firm had revenue of $5.87 billion during 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%. The company's quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.48 earnings per share. On average, research analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.
Adobe Company Profile
(
Free Report)
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.
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