SCS Capital Management LLC Buys New Shares in Adobe Inc. $ADBE

Key Points

• SCS Capital Management LLC has acquired a new stake in Adobe Inc., purchasing 2,377 shares valued at approximately $912,000.
• Adobe's stock has experienced a 1.1% decline recently, with the current share price opening at $350.16 and a 52-week range from $330.04 to $587.75.
• In its latest earnings report, Adobe reported a net margin of 30.39% and revenue of $5.87 billion, exceeding analyst expectations.

SCS Capital Management LLC bought a new stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 2,377 shares of the software company's stock, valued at approximately $912,000.

Several other large investors have also recently bought and sold shares of ADBE. Siemens Fonds Invest GmbH raised its stake in Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after purchasing an additional 39,888 shares during the last quarter. 1248 Management LLC acquired a new position in Adobe during the 1st quarter valued at $25,000. Barnes Dennig Private Wealth Management LLC acquired a new position in Adobe during the 1st quarter valued at $26,000. SWAN Capital LLC acquired a new position in Adobe during the 4th quarter valued at $28,000. Finally, Copia Wealth Management acquired a new position in Adobe during the 4th quarter valued at $28,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Down 1.1%

ADBE opened at $350.16 on Thursday. The firm's 50-day simple moving average is $358.50 and its 200-day simple moving average is $381.10. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. Adobe Inc. has a twelve month low of $330.04 and a twelve month high of $587.75. The firm has a market cap of $148.54 billion, a price-to-earnings ratio of 22.40, a PEG ratio of 1.68 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, topping the consensus estimate of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same quarter in the prior year, the firm earned $4.48 EPS. The firm's quarterly revenue was up 10.6% compared to the same quarter last year. Equities research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Royal Bank Of Canada cut their target price on shares of Adobe from $480.00 to $430.00 and set an "outperform" rating for the company in a research note on Monday. Phillip Securities upgraded shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a research note on Monday, June 16th. Redburn Partners set a $280.00 price objective on shares of Adobe in a research note on Monday, September 1st. Oppenheimer dropped their price objective on shares of Adobe from $500.00 to $460.00 and set an "outperform" rating for the company in a research note on Tuesday. Finally, Wells Fargo & Company restated an "overweight" rating and issued a $470.00 price objective (up previously from $430.00) on shares of Adobe in a research note on Friday, June 13th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating, eight have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $446.74.

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.

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