Select Equity Group L.P. Raises Stock Holdings in Adobe Inc. $ADBE

Key Points

• Select Equity Group L.P. increased its stake in Adobe Inc. by 118.8% during the first quarter, owning 514,343 shares valued at approximately $197.27 million.
• Several institutional investors, including GAMMA Investing LLC and Goldman Sachs Group Inc., significantly boosted their stakes in Adobe during the same period, contributing to a growing interest as 81.79% of the stock is currently owned by institutional investors.
• Analyst ratings for Adobe vary, with an average rating of "Moderate Buy" and a consensus target price of $452.67, reflecting a mix of bullish and bearish sentiments among financial analysts.

Select Equity Group L.P. raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 118.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 514,343 shares of the software company's stock after buying an additional 279,275 shares during the quarter. Select Equity Group L.P. owned about 0.12% of Adobe worth $197,266,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Siemens Fonds Invest GmbH raised its holdings in shares of Adobe by 252.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after acquiring an additional 39,888 shares in the last quarter. 1248 Management LLC purchased a new position in shares of Adobe in the 1st quarter worth about $25,000. Barnes Dennig Private Wealth Management LLC purchased a new position in shares of Adobe in the 1st quarter worth about $26,000. SWAN Capital LLC purchased a new position in shares of Adobe in the 4th quarter worth about $28,000. Finally, Copia Wealth Management purchased a new position in shares of Adobe during the 4th quarter valued at about $28,000. Hedge funds and other institutional investors own 81.79% of the company's stock.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of research reports. Barclays raised their price objective on Adobe from $460.00 to $465.00 and gave the company an "overweight" rating in a report on Friday. Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a report on Friday, September 5th. Evercore ISI decreased their price objective on Adobe from $475.00 to $450.00 and set an "outperform" rating on the stock in a report on Friday. BMO Capital Markets decreased their price objective on Adobe from $450.00 to $405.00 and set an "outperform" rating on the stock in a report on Friday. Finally, Rothschild & Co Redburn cut Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price objective on the stock. in a report on Wednesday, July 2nd. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $435.63.

Adobe Trading Down 0.4%

Shares of ADBE traded down $1.33 during mid-day trading on Friday, hitting $349.22. 10,554,371 shares of the company's stock traded hands, compared to its average volume of 3,861,586. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. Adobe Inc. has a 1 year low of $330.04 and a 1 year high of $557.90. The firm has a market capitalization of $148.14 billion, a P/E ratio of 22.29, a PEG ratio of 1.66 and a beta of 1.48. The business's 50-day moving average price is $357.92 and its 200-day moving average price is $380.45.

Adobe (NASDAQ:ADBE - Get Free Report) last released its earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating analysts' consensus estimates of $4.97 by $0.09. The company had revenue of $5.87 billion during the quarter, compared to analysts' expectations 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 quarter last year, the business posted $4.48 EPS. As a group, sell-side analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal 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.