Spire Wealth Management Raises Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Spire Wealth Management grew its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 128.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 16,514 shares of the software company's stock after purchasing an additional 9,288 shares during the quarter. Spire Wealth Management's holdings in Adobe were worth $6,334,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Brighton Jones LLC increased its stake in Adobe by 2.1% during the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock worth $3,588,000 after acquiring an additional 167 shares during the period. Bank Pictet & Cie Europe AG lifted its position in Adobe by 2.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock worth $12,882,000 after purchasing an additional 756 shares during the period. MONECO Advisors LLC lifted its position in Adobe by 14.0% during the fourth quarter. MONECO Advisors LLC now owns 832 shares of the software company's stock worth $370,000 after purchasing an additional 102 shares during the period. IFP Advisors Inc grew its stake in Adobe by 9.6% during the fourth quarter. IFP Advisors Inc now owns 5,736 shares of the software company's stock worth $2,553,000 after buying an additional 502 shares in the last quarter. Finally, GHE LLC increased its holdings in Adobe by 2.9% in the 4th quarter. GHE LLC now owns 23,577 shares of the software company's stock valued at $10,484,000 after buying an additional 670 shares during the period. Institutional investors own 81.79% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Robert W. Baird boosted their price target on Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a report on Monday, June 16th. Morgan Stanley reduced their target price on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a report on Wednesday, April 16th. Summit Redstone set a $410.00 target price on Adobe in a research report on Wednesday, March 19th. Finally, Evercore ISI reiterated an "outperform" rating and issued a $475.00 target price on shares of Adobe in a report on Friday, June 13th. Nine investment analysts have rated the stock with 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, the company currently has an average rating of "Moderate Buy" and an average target price of $496.75.

Adobe Price Performance

ADBE stock traded down $2.60 during mid-day trading on Thursday, hitting $384.95. The company had a trading volume of 3,136,776 shares, compared to its average volume of 3,404,659. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The company has a quick ratio of 1.18, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The company has a 50-day moving average price of $391.76 and a 200 day moving average price of $413.89. The company has a market capitalization of $164.07 billion, a price-to-earnings ratio of 24.63, a P/E/G ratio of 1.84 and a beta of 1.55.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating 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%. The company's revenue for the quarter was up 10.6% on a year-over-year basis. During the same period last year, the company earned $4.48 EPS. On average, research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

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.