Adobe Inc. (NASDAQ:ADBE) Position Lifted by Sfmg LLC

Key Points

• Sfmg LLC increased its holdings in Adobe Inc. by 22.5%, now owning 13,778 shares worth approximately $5.28 million following the purchase of an additional 2,528 shares.
• Adobe's stock opened at $347.80, with a significant one-year high of $587.75 and a market capitalization of $147.54 billion.
• Adobe had a net margin of 30.39% and reported $5.87 billion in revenue for the most recent quarter, which was an increase of 10.6% year-over-year.

Sfmg LLC lifted its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 22.5% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,778 shares of the software company's stock after buying an additional 2,528 shares during the period. Sfmg LLC's holdings in Adobe were worth $5,284,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Bank of New York Mellon Corp increased its stake in Adobe by 14.4% during the 1st quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock worth $2,504,685,000 after acquiring an additional 821,293 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Adobe by 12.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock worth $2,375,345,000 after buying an additional 600,146 shares during the period. Northern Trust Corp lifted its holdings in Adobe by 14.5% during the 4th quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock worth $2,363,125,000 after buying an additional 672,919 shares during the period. Edgewood Management LLC lifted its stake in shares of Adobe by 20.7% in the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock valued at $1,805,009,000 after purchasing an additional 696,172 shares during the period. Finally, Deutsche Bank AG lifted its stake in shares of Adobe by 4.0% in the 4th quarter. Deutsche Bank AG now owns 3,496,967 shares of the software company's stock valued at $1,555,031,000 after purchasing an additional 133,556 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of analysts have commented on ADBE shares. Bank of America boosted their price objective on Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a report on Friday, June 13th. JMP Securities reissued a "market perform" rating on shares of Adobe in a report on Monday, June 23rd. BMO Capital Markets reissued an "outperform" rating and set a $450.00 price objective on shares of Adobe in a report on Friday, June 13th. Evercore ISI reissued an "outperform" rating and set a $475.00 price objective on shares of Adobe in a report on Friday, June 13th. Finally, Rothschild & Co Redburn lowered Adobe from a "neutral" rating to a "sell" rating and set a $280.00 target price for the company. in a report on Wednesday, July 2nd. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $473.88.

Adobe Price Performance

ADBE traded up $2.38 during midday trading on Tuesday, reaching $341.23. 1,263,403 shares of the company's stock were exchanged, compared to its average volume of 3,775,296. The business's 50-day moving average price is $384.34 and its 200 day moving average price is $398.11. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The stock has a market capitalization of $144.75 billion, a PE ratio of 21.78, a P/E/G ratio of 1.65 and a beta of 1.51. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last released its earnings results 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 net margin of 30.39% and a return on equity of 53.68%. The firm had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same period in the previous year, the firm earned $4.48 earnings per share. Adobe's revenue was up 10.6% compared to the same quarter last year. As a group, equities analysts anticipate 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.