Sather Financial Group Inc Purchases 11,183 Shares of Adobe Inc. (NASDAQ:ADBE)

Key Points

• Sather Financial Group Inc. increased its holdings in Adobe Inc. by 10.4%, purchasing an additional 11,183 shares, bringing their total ownership to 119,013 shares worth approximately $45.6 million.
• About 81.79% of Adobe's stock is owned by institutional investors and hedge funds, indicating significant institutional interest in the software company.
• Adobe reported $5.06 earnings per share for its most recent quarter, exceeding analyst expectations of $4.97, with a revenue increase of 10.6% year-on-year.

Sather Financial Group Inc boosted its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 10.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 119,013 shares of the software company's stock after buying an additional 11,183 shares during the period. Adobe makes up approximately 3.0% of Sather Financial Group Inc's investment portfolio, making the stock its 16th largest position. Sather Financial Group Inc's holdings in Adobe were worth $45,645,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Angeles Wealth Management LLC boosted its position in shares of Adobe by 3.3% during the 1st quarter. Angeles Wealth Management LLC now owns 1,743 shares of the software company's stock worth $668,000 after acquiring an additional 56 shares in the last quarter. Mediolanum International Funds Ltd lifted its stake in Adobe by 4.7% during the first quarter. Mediolanum International Funds Ltd now owns 79,917 shares of the software company's stock worth $30,825,000 after purchasing an additional 3,603 shares during the last quarter. Nvwm LLC boosted its holdings in shares of Adobe by 4.3% in the 1st quarter. Nvwm LLC now owns 3,099 shares of the software company's stock valued at $1,189,000 after purchasing an additional 128 shares in the last quarter. Drive Wealth Management LLC boosted its holdings in shares of Adobe by 95.1% in the 1st quarter. Drive Wealth Management LLC now owns 2,983 shares of the software company's stock valued at $1,144,000 after purchasing an additional 1,454 shares in the last quarter. Finally, Trilogy Capital Inc. increased its stake in shares of Adobe by 3.9% in the 1st quarter. Trilogy Capital Inc. now owns 5,110 shares of the software company's stock valued at $1,960,000 after purchasing an additional 192 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on ADBE. UBS Group upped their price objective on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research report on Monday, June 9th. DA Davidson reissued a "buy" rating and issued a $500.00 target price on shares of Adobe in a report on Friday, June 20th. Piper Sandler reduced their price target on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Evercore ISI reiterated an "outperform" rating and set a $475.00 price objective on shares of Adobe in a research report on Friday, June 13th. Finally, Jefferies Financial Group dropped their price objective on shares of Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $473.88.

Adobe Price Performance

ADBE stock opened at $370.74 on Friday. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The firm has a market cap of $157.27 billion, a price-to-earnings ratio of 23.72, a PEG ratio of 1.76 and a beta of 1.51. The company's fifty day simple moving average is $391.01 and its 200 day simple moving average is $400.84. Adobe Inc. has a 12-month low of $332.01 and a 12-month 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. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. During the same period in the previous year, the business earned $4.48 EPS. The firm's revenue was up 10.6% compared to the same quarter last year. On average, analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

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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