Simmons Bank Has $6.65 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Simmons Bank reduced its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 6.4% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 17,349 shares of the software company's stock after selling 1,178 shares during the quarter. Simmons Bank's holdings in Adobe were worth $6,654,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in ADBE. Garde Capital Inc. bought a new stake in Adobe during the first quarter valued at $34,000. Krane Funds Advisors LLC boosted its holdings in shares of Adobe by 110.4% in the 1st quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company's stock valued at $533,000 after buying an additional 730 shares during the period. Burling Wealth Partners LLC bought a new stake in shares of Adobe during the 4th quarter valued at about $1,173,000. Summit Trail Advisors LLC raised its stake in Adobe by 36.2% during the first quarter. Summit Trail Advisors LLC now owns 9,719 shares of the software company's stock worth $3,728,000 after acquiring an additional 2,583 shares during the period. Finally, Fiduciary Group LLC lifted its holdings in Adobe by 19.9% in the first quarter. Fiduciary Group LLC now owns 6,168 shares of the software company's stock worth $2,366,000 after acquiring an additional 1,022 shares during the last quarter. Institutional investors own 81.79% of the company's stock.

Adobe Price Performance

NASDAQ:ADBE traded up $1.09 during mid-day trading on Friday, reaching $379.56. 2,863,680 shares of the stock were exchanged, compared to its average volume of 3,432,840. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The business has a fifty day moving average price of $396.09 and a 200 day moving average price of $408.27. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The firm has a market capitalization of $161.01 billion, a PE ratio of 23.33, a PEG ratio of 1.80 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping the consensus estimate of $4.97 by $0.09. The firm had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. Adobe'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 business earned $4.48 earnings per share. Research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on ADBE shares. Wells Fargo & Company reaffirmed an "overweight" rating and set a $470.00 target price (up from $430.00) on shares of Adobe in a report on Friday, June 13th. Phillip Securities raised Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday, June 16th. Evercore ISI reissued an "outperform" rating and issued a $475.00 price target on shares of Adobe in a report on Friday, June 13th. Morgan Stanley cut their target price on Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Finally, BMO Capital Markets reissued an "outperform" rating and set a $450.00 price target on shares of Adobe in a report on Friday, June 13th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Adobe has a consensus rating of "Moderate Buy" and an average target price of $480.08.

Adobe 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.