Sumitomo Mitsui Trust Group Inc. increased its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 1.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,400,156 shares of the software company's stock after purchasing an additional 13,727 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned approximately 0.33% of Adobe worth $537,002,000 at the end of the most recent reporting period.
Several other institutional investors also recently modified their holdings of the business. Sepio Capital LP lifted its holdings in Adobe by 2.3% in the fourth quarter. Sepio Capital LP now owns 993 shares of the software company's stock valued at $442,000 after buying an additional 22 shares during the period. Cadence Bank lifted its holdings in Adobe by 0.5% in the fourth quarter. Cadence Bank now owns 4,883 shares of the software company's stock valued at $2,171,000 after buying an additional 22 shares during the period. Eagle Strategies LLC lifted its holdings in Adobe by 1.5% in the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock valued at $651,000 after buying an additional 22 shares during the period. RB Capital Management LLC lifted its holdings in Adobe by 0.4% in the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock valued at $2,198,000 after buying an additional 22 shares during the period. Finally, Orin Green Financial LLC lifted its holdings in Adobe by 3.8% in the fourth quarter. Orin Green Financial LLC now owns 621 shares of the software company's stock valued at $276,000 after buying an additional 23 shares during the period. Institutional investors own 81.79% of the company's stock.
Adobe Price Performance
Adobe stock opened at $385.83 on Friday. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The company's 50 day moving average price is $393.23 and its two-hundred day moving average price is $411.65. 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 stock has a market cap of $163.67 billion, a P/E ratio of 24.69, a P/E/G ratio of 1.82 and a beta of 1.55.
Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Thursday, June 12th. The software company reported $5.06 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 firm had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.80 billion. During the same quarter last year, the firm earned $4.48 EPS. The company's quarterly revenue was up 10.6% compared to the same quarter last year. On average, equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current year.
Wall Street Analyst Weigh In
Several research firms recently issued reports on ADBE. JMP Securities restated a "market perform" rating on shares of Adobe in a report on Monday, June 23rd. Mizuho dropped their target price on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. DA Davidson restated a "buy" rating and issued a $500.00 target price on shares of Adobe in a report on Friday, June 20th. Bank of America upped their price objective on shares of Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a report on Friday, June 13th. Finally, Jefferies Financial Group dropped their price objective on shares of Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Nine analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Adobe currently has an average rating of "Moderate Buy" and an average target price of $496.75.
Check Out Our Latest Stock Analysis on ADBE
Adobe Profile
(
Free Report)
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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