Siren L.L.C. Purchases 10,500 Shares of Adobe Inc. $ADBE

Key Points

• Siren L.L.C. increased its ownership in Adobe Inc. by 119.3%, acquiring an additional 10,500 shares, bringing its total to 19,298 shares valued at approximately $7.4 million.
• Institutional investors hold 81.79% of Adobe's stock, with significant increases noted from several hedge funds, including GAMMA Investing LLC and Goldman Sachs Group Inc.
• Adobe reported $5.06 earnings per share (EPS) for its latest quarter, surpassing expectations, with revenue of $5.87 billion and a net margin of 30.39%.

Siren L.L.C. increased its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 119.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 19,298 shares of the software company's stock after buying an additional 10,500 shares during the period. Siren L.L.C.'s holdings in Adobe were worth $7,401,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of ADBE. GAMMA Investing LLC raised its stake in Adobe by 46,806.6% during the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock worth $1,147,049,000 after buying an additional 2,984,391 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in Adobe by 68.3% in the first quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company's stock valued at $1,754,954,000 after purchasing an additional 1,856,544 shares in the last quarter. Nuveen LLC bought a new stake in Adobe in the first quarter valued at $607,443,000. OVERSEA CHINESE BANKING Corp Ltd increased its stake in Adobe by 1,482.7% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company's stock valued at $498,000 after purchasing an additional 1,216,351 shares in the last quarter. Finally, Amundi increased its stake in Adobe by 24.7% in the first quarter. Amundi now owns 4,848,521 shares of the software company's stock valued at $1,782,642,000 after purchasing an additional 961,895 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

Adobe Trading Down 1.1%

Shares of ADBE stock opened at $350.16 on Thursday. Adobe Inc. has a 52-week low of $330.04 and a 52-week high of $587.75. 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 company has a 50-day simple moving average of $358.50 and a two-hundred day simple moving average of $381.10. The company has a market capitalization of $148.54 billion, a price-to-earnings ratio of 22.40, a PEG ratio of 1.68 and a beta of 1.48.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. The business had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The firm's quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $4.48 EPS. Research analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ADBE has been the subject of several research analyst reports. Phillip Securities raised shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a research note on Monday, June 16th. BMO Capital Markets reissued an "outperform" rating and set a $450.00 target price on shares of Adobe in a research report on Friday, June 13th. Evercore ISI reissued an "outperform" rating and set a $475.00 target price on shares of Adobe in a research report on Friday, June 13th. Robert W. Baird boosted their target price on shares of Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research report on Monday, June 16th. Finally, UBS Group decreased their target price on shares of Adobe from $430.00 to $400.00 and set a "neutral" rating for the company in a research report on Friday, August 29th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eight have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat, Adobe currently has a consensus rating of "Moderate Buy" and an average target price of $446.74.

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.

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