South Dakota Investment Council Buys 5,650 Shares of Adobe Inc. (NASDAQ:ADBE)

South Dakota Investment Council boosted its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 23.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 29,744 shares of the software company's stock after acquiring an additional 5,650 shares during the quarter. South Dakota Investment Council's holdings in Adobe were worth $11,408,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the company. Siemens Fonds Invest GmbH lifted its position in shares of Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after buying an additional 39,888 shares during the last quarter. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Adobe in the first quarter worth about $26,000. SWAN Capital LLC bought a new position in shares of Adobe in the fourth quarter worth about $28,000. Copia Wealth Management bought a new position in shares of Adobe in the fourth quarter worth about $28,000. Finally, Summit Securities Group LLC bought a new position in shares of Adobe in the fourth quarter worth about $31,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ADBE. Piper Sandler lowered their price target on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Morgan Stanley decreased their price objective on Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Robert W. Baird lifted their price objective on Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a report on Monday, June 16th. Mizuho decreased their price objective on Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. Finally, Citigroup decreased their price objective on Adobe from $465.00 to $450.00 and set a "neutral" rating on the stock in a report on Monday, June 16th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $473.88.

Adobe Stock Performance

Shares of Adobe stock traded down $0.66 on Friday, reaching $365.79. 2,445,698 shares of the company traded hands, compared to its average volume of 3,477,489. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The company has a 50 day moving average of $394.20 and a 200 day moving average of $402.72. The firm has a market capitalization of $155.17 billion, a PE ratio of 23.40, a PEG ratio of 1.73 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results 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. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.80 billion. During the same period in the prior year, the company posted $4.48 EPS. The business's revenue for the quarter was up 10.6% compared to the same quarter last year. Equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current 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.