Smith Group Asset Management LLC Has $18.55 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Smith Group Asset Management LLC increased its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 4.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,353 shares of the software company's stock after purchasing an additional 2,230 shares during the period. Smith Group Asset Management LLC's holdings in Adobe were worth $18,545,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Garde Capital Inc. bought a new position in Adobe during the first quarter valued at about $34,000. Arizona State Retirement System lifted its holdings in Adobe by 0.4% in the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock valued at $56,784,000 after acquiring an additional 570 shares during the last quarter. Burling Wealth Partners LLC acquired a new stake in Adobe in the 4th quarter valued at about $1,173,000. Sound Income Strategies LLC boosted its position in shares of Adobe by 17.6% during the 1st quarter. Sound Income Strategies LLC now owns 308 shares of the software company's stock valued at $118,000 after purchasing an additional 46 shares in the last quarter. Finally, Horan Capital Advisors LLC. grew its stake in shares of Adobe by 2.4% in the 4th quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company's stock worth $2,162,000 after purchasing an additional 114 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts recently commented on ADBE shares. Wells Fargo & Company reissued an "overweight" rating and set a $470.00 target price (up from $430.00) on shares of Adobe in a research note on Friday, June 13th. Robert W. Baird upped their price target on Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a report on Monday, June 16th. Rothschild & Co Redburn downgraded 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. UBS Group lifted their target price on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a report on Monday, June 9th. Finally, Jefferies Financial Group cut their target price on Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $480.08.

Adobe Stock Up 0.3%

Shares of NASDAQ:ADBE traded up $1.09 during trading on Thursday, reaching $379.56. 2,857,560 shares of the company traded hands, compared to its average volume of 3,423,288. The firm has a fifty day simple moving average of $395.48 and a 200 day simple moving average of $409.36. 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 $332.01 and a 1-year high of $587.75. The firm has a market cap of $161.01 billion, a P/E ratio of 24.29, a price-to-earnings-growth ratio of 1.86 and a beta of 1.51.

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