Russell Investments Group Ltd. Has $232.53 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Russell Investments Group Ltd. increased its stake in Adobe Inc. by 15.2%, owning approximately 605,846 shares valued at $232.53 million.
• Several hedge funds significantly boosted their positions in Adobe during the first quarter, with GAMMA Investing LLC increasing its stake by an astonishing 46,806.6%.
• Adobe's most recent earnings report surpassed expectations with $5.06 earnings per share, reflecting a year-over-year revenue growth of 10.6% to $5.87 billion.

Russell Investments Group Ltd. lifted its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 15.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 605,846 shares of the software company's stock after buying an additional 79,968 shares during the period. Russell Investments Group Ltd. owned about 0.14% of Adobe worth $232,529,000 at the end of the most recent reporting period.

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

Adobe Stock Down 2.2%

NASDAQ ADBE opened at $333.65 on Tuesday. The business has a fifty day moving average price of $377.15 and a two-hundred day moving average price of $394.76. 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 fifty-two week low of $332.01 and a fifty-two week high of $587.75. The stock has a market capitalization of $141.53 billion, a PE ratio of 21.35, a PEG ratio of 1.62 and a beta of 1.51.

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

Analysts Set New Price Targets

Several research firms have recently issued reports on ADBE. Rothschild & Co Redburn lowered Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price target on the stock. in a research report on Wednesday, July 2nd. Citigroup dropped their price objective on Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a research note on Monday, June 16th. DA Davidson reaffirmed a "buy" rating and set a $500.00 price objective on shares of Adobe in a research note on Friday, June 20th. Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a research note on Saturday, July 26th. Finally, Oppenheimer dropped their price target on Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research note on Friday, June 13th. Three research analysts have rated the stock with a sell rating, eight have issued 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 presently has an average rating of "Moderate Buy" and an average target price of $467.58.

Adobe Company 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.

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