Signet Investment Advisory Group Inc. grew its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 8.9% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 9,433 shares of the software company's stock after acquiring an additional 774 shares during the quarter. Adobe comprises 1.8% of Signet Investment Advisory Group Inc.'s investment portfolio, making the stock its 20th biggest holding. Signet Investment Advisory Group Inc.'s holdings in Adobe were worth $3,618,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the business. Brighton Jones LLC boosted its position in shares of Adobe by 2.1% in the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock valued at $3,588,000 after purchasing an additional 167 shares during the period. Bank Pictet & Cie Europe AG lifted its position in Adobe by 2.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock worth $12,882,000 after acquiring an additional 756 shares during the period. GHE LLC lifted its position in Adobe by 2.9% during the 4th quarter. GHE LLC now owns 23,577 shares of the software company's stock worth $10,484,000 after acquiring an additional 670 shares during the period. Proficio Capital Partners LLC lifted its position in Adobe by 85.8% during the 4th quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company's stock worth $1,043,000 after acquiring an additional 1,083 shares during the period. Finally, Magnetar Financial LLC lifted its position in Adobe by 29.5% during the 4th quarter. Magnetar Financial LLC now owns 729 shares of the software company's stock worth $324,000 after acquiring an additional 166 shares during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.
Adobe Stock Performance
Adobe stock opened at $365.79 on Friday. 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 has a fifty day moving average of $394.20 and a two-hundred day moving average of $402.72. The company has a market capitalization of $155.17 billion, a price-to-earnings ratio of 23.40, a PEG ratio of 1.73 and a beta of 1.51. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75.
Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly 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. The company had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. Adobe's revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the business posted $4.48 earnings per share. On average, analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.
Analyst Ratings Changes
A number of analysts have weighed in on the company. Rothschild & Co Redburn cut Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price objective for the company. in a research report on Wednesday, July 2nd. Oppenheimer cut their target price on Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a research note on Friday, June 13th. Citigroup cut their target price on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a research note on Monday, June 16th. JMP Securities reissued a "market perform" rating on shares of Adobe in a research note on Monday, June 23rd. Finally, Phillip Securities raised Adobe from a "moderate sell" rating to a "strong-buy" rating in a research note on Monday, June 16th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $473.88.
Check Out Our Latest Stock Analysis on Adobe
About Adobe
(
Free Report)
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.
See Also
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Adobe, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Adobe wasn't on the list.
While Adobe currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Enter your email address and we'll send you MarketBeat's list of seven stocks and why their long-term outlooks are very promising.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
