Scientech Research LLC Invests $1.05 Million in Adobe Inc. $ADBE

Key Points

• Scientech Research LLC invested approximately $1.05 million in Adobe Inc. by acquiring 2,737 shares during the first quarter of the year.
• Adobe reported strong quarterly earnings with an EPS of $5.06, exceeding estimates, and had revenue of $5.87 billion for the quarter.
• Analysts adjusted price targets for Adobe, with Barclays lowering it to $460.00 while Evercore ISI set a target at $475.00, reflecting mixed sentiment on the stock's future performance.

Scientech Research LLC bought a new stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 2,737 shares of the software company's stock, valued at approximately $1,050,000.

Several other hedge funds and other institutional investors also recently bought and sold shares of ADBE. Copia Wealth Management purchased a new stake in shares of Adobe in the fourth quarter worth approximately $28,000. SWAN Capital LLC acquired a new stake in shares of Adobe in the 4th quarter worth $28,000. 1248 Management LLC acquired a new stake in shares of Adobe during the first quarter worth $25,000. Barnes Dennig Private Wealth Management LLC purchased a new position in Adobe during the 1st quarter worth approximately $26,000. Finally, HHM Wealth Advisors LLC acquired a new position in shares of Adobe in the 1st quarter valued at about $30,000. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Trading Down 0.6%

Adobe stock traded down $2.18 during trading on Friday, hitting $348.38. The company's stock had a trading volume of 10,824,412 shares, compared to its average volume of 3,863,191. Adobe Inc. has a 1-year low of $330.04 and a 1-year high of $557.90. 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 stock's fifty day moving average is $357.92 and its 200 day moving average is $380.45. The stock has a market capitalization of $147.78 billion, a price-to-earnings ratio of 22.27, a P/E/G ratio of 1.66 and a beta of 1.48.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.09. The business had revenue of $5.87 billion for 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 business's quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.48 EPS. As a group, equities research analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Analysts Set New Price Targets

ADBE has been the subject of a number of research reports. Melius cut shares of Adobe from a "hold" rating to a "sell" rating and set a $310.00 target price for the company. in a research note on Monday, August 11th. Evercore ISI cut their price objective on Adobe from $475.00 to $450.00 and set an "outperform" rating for the company in a research report on Friday. UBS Group cut their target price on Adobe from $400.00 to $375.00 and set a "neutral" rating on the stock in a research report on Friday. Bank of America boosted their price target on shares of Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a research note on Friday, June 13th. Finally, Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a report on Friday, September 5th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $435.63.

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.