TD Asset Management Inc Acquires 61,917 Shares of Adobe Inc. (NASDAQ:ADBE)

Key Points

• TD Asset Management Inc increased its holdings in Adobe Inc. by 12.0%, owning 576,469 shares worth $221,093,000 after acquiring an additional 61,917 shares in the first quarter.
• Adobe's stock is currently valued at approximately $370.74 and has a market capitalization of $157.27 billion, with analysts projecting an earnings per share of 16.65 for the current year.
• Recent changes in analyst ratings include a cut by Stifel Nicolaus from $525.00 to $480.00, while Wall Street has a consensus rating of "Moderate Buy" with an average target price of $473.88.

TD Asset Management Inc raised its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 12.0% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 576,469 shares of the software company's stock after acquiring an additional 61,917 shares during the period. TD Asset Management Inc owned approximately 0.14% of Adobe worth $221,093,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of ADBE. GAMMA Investing LLC lifted its stake in Adobe by 46,806.6% during the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock valued at $1,147,049,000 after acquiring an additional 2,984,391 shares during the period. OVERSEA CHINESE BANKING Corp Ltd lifted its stake in shares of Adobe by 1,482.7% in the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company's stock worth $498,000 after purchasing an additional 1,216,351 shares during the period. Arrowstreet Capital Limited Partnership lifted its stake in shares of Adobe by 82.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock worth $937,291,000 after purchasing an additional 952,233 shares during the period. Two Sigma Advisers LP lifted its stake in shares of Adobe by 1,414.5% in the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock worth $395,321,000 after purchasing an additional 830,300 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Adobe in the 4th quarter worth approximately $365,750,000. Institutional investors own 81.79% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ADBE. Oppenheimer lowered their price objective on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research note on Friday, June 13th. Wall Street Zen raised shares of Adobe from a "hold" rating to a "buy" rating in a report on Saturday. Robert W. Baird increased their target price on shares of Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a report on Monday, June 16th. Mizuho reduced their target price on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a report on Friday, June 13th. Finally, Piper Sandler reduced their target price on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $473.88.

Adobe Trading Down 0.3%

ADBE traded down $1.21 during trading on Monday, reaching $369.53. The company had a trading volume of 1,874,305 shares, compared to its average volume of 3,758,056. The stock has a market cap of $156.75 billion, a P/E ratio of 23.63, a PEG ratio of 1.76 and a beta of 1.51. The business has a 50 day simple moving average of $391.01 and a 200-day simple moving average of $400.57. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. 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 (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same period last year, the company earned $4.48 earnings per share. Adobe's revenue was up 10.6% on a year-over-year basis. On average, equities analysts anticipate that Adobe Inc. will post 16.65 EPS 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.