Sovran Advisors LLC Has $1.06 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Sovran Advisors LLC increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 80.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,034 shares of the software company's stock after buying an additional 1,357 shares during the period. Sovran Advisors LLC's holdings in Adobe were worth $1,058,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. Geode Capital Management LLC lifted its stake in shares of Adobe by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock valued at $4,739,788,000 after purchasing an additional 151,286 shares during the period. Norges Bank bought a new stake in Adobe in the fourth quarter valued at about $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Adobe by 12.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock valued at $2,375,345,000 after buying an additional 600,146 shares during the period. Northern Trust Corp boosted its holdings in Adobe by 14.5% during the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock worth $2,363,125,000 after buying an additional 672,919 shares during the last quarter. Finally, Edgewood Management LLC boosted its holdings in Adobe by 20.7% during the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock worth $1,805,009,000 after buying an additional 696,172 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Trading Up 0.2%

Adobe stock opened at $385.83 on Monday. The company has a market cap of $163.67 billion, a price-to-earnings ratio of 24.69, a P/E/G ratio of 1.83 and a beta of 1.55. The firm has a 50-day moving average of $393.23 and a 200-day moving average of $410.24. 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 Inc. has a one year low of $332.01 and a one year high of $587.75.

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, beating the consensus estimate of $4.97 by $0.09. The firm had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The business'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 earnings per share. On average, equities analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ADBE has been the topic of a number of analyst reports. Wall Street Zen upgraded shares of Adobe from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Phillip Securities upgraded shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday, June 16th. Citigroup decreased their price target on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a report on Monday, June 16th. Royal Bank Of Canada restated an "outperform" rating and issued a $480.00 price objective on shares of Adobe in a research report on Thursday, June 5th. Finally, Mizuho reduced their target price on Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. Nine analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, Adobe presently has an average rating of "Moderate Buy" and a consensus target price of $496.75.

About Adobe

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.

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.