Seaview Investment Managers LLC Has $9.04 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Seaview Investment Managers LLC increased its stake in Adobe Inc. by 14.3% in Q1, now holding 23,577 shares worth approximately $9.04 million.
• Adobe recently posted quarterly earnings of $5.06 EPS, surpassing analyst expectations and reporting revenue of $5.87 billion, a 10.6% increase year-over-year.
• Analyst ratings for Adobe are mixed, with consensus ratings of "Moderate Buy" and a price target of $467.58.

Seaview Investment Managers LLC grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 14.3% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 23,577 shares of the software company's stock after acquiring an additional 2,946 shares during the period. Adobe accounts for approximately 2.8% of Seaview Investment Managers LLC's investment portfolio, making the stock its 23rd biggest holding. Seaview Investment Managers LLC's holdings in Adobe were worth $9,042,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the business. Cadence Bank boosted its holdings in Adobe by 0.5% in the fourth quarter. Cadence Bank now owns 4,883 shares of the software company's stock worth $2,171,000 after acquiring an additional 22 shares in the last quarter. Eagle Strategies LLC raised its position in shares of Adobe by 1.5% during the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock worth $651,000 after purchasing an additional 22 shares during the period. RB Capital Management LLC grew its position in Adobe by 0.4% in the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock valued at $2,198,000 after purchasing an additional 22 shares during the period. Orin Green Financial LLC grew its position in Adobe by 3.8% in the 4th quarter. Orin Green Financial LLC now owns 621 shares of the software company's stock valued at $276,000 after purchasing an additional 23 shares during the period. Finally, Diligent Investors LLC increased its stake in Adobe by 1.2% during the 4th quarter. Diligent Investors LLC now owns 2,160 shares of the software company's stock valued at $961,000 after purchasing an additional 26 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of recent research reports. Evercore ISI reaffirmed an "outperform" rating and issued a $475.00 price objective on shares of Adobe in a research note on Friday, June 13th. Robert W. Baird upped their target price on shares of Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a report on Monday, June 16th. Redburn Atlantic downgraded Adobe from a "hold" rating to a "strong sell" rating and cut their price target for the company from $420.00 to $280.00 in a research note on Wednesday, July 2nd. Citigroup decreased their price objective on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a report on Monday, June 16th. Finally, Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, Adobe currently has a consensus rating of "Moderate Buy" and a consensus price target of $467.58.

Adobe Trading Up 3.7%

Shares of ADBE stock opened at $351.07 on Thursday. The stock has a market capitalization of $148.92 billion, a price-to-earnings ratio of 22.46, a PEG ratio of 1.60 and a beta of 1.51. The company's fifty day simple moving average is $374.41 and its two-hundred day simple moving average is $394.07. Adobe Inc. has a 1 year low of $330.04 and a 1 year high of $587.75. 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 (NASDAQ:ADBE - Get Free Report) last released 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. The company had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the previous year, the company posted $4.48 EPS. As a group, analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

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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