Turn8 Private Wealth Inc. Grows Holdings in Adobe Inc. $ADBE

Key Points

• Turn8 Private Wealth Inc. increased its stake in Adobe Inc. by 25.3% in the first quarter, owning 6,421 shares after acquiring an additional 1,297 shares.
• Adobe recently reported $5.06 earnings per share for the quarter, surpassing analysts' expectations of $4.97, with revenue growing 10.6% year-over-year to $5.87 billion.
• The stock is currently rated as a Moderate Buy by analysts, with an average price target of $446.74, reflecting a mix of buy, hold, and sell recommendations.

Turn8 Private Wealth Inc. raised its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 25.3% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,421 shares of the software company's stock after purchasing an additional 1,297 shares during the quarter. Turn8 Private Wealth Inc.'s holdings in Adobe were worth $2,463,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the company. Siemens Fonds Invest GmbH raised its position in shares of Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock valued at $25,000 after purchasing an additional 39,888 shares during the period. 1248 Management LLC purchased a new stake in Adobe in the 1st quarter worth $25,000. Barnes Dennig Private Wealth Management LLC bought a new stake in Adobe during the first quarter valued at about $26,000. SWAN Capital LLC bought a new stake in Adobe during the fourth quarter valued at about $28,000. Finally, Copia Wealth Management purchased a new position in shares of Adobe in the fourth quarter valued at about $28,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Down 1.1%

NASDAQ ADBE opened at $350.16 on Thursday. The stock has a 50 day moving average price of $358.50 and a 200-day moving average price of $381.10. Adobe Inc. has a one year low of $330.04 and a one year high of $587.75. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The company has a market capitalization of $148.54 billion, a P/E ratio of 22.40, a P/E/G ratio of 1.68 and a beta of 1.48.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. During the same quarter in the prior year, the firm earned $4.48 earnings per share. Adobe's revenue was up 10.6% on a year-over-year basis. As a group, equities analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. DA Davidson reiterated a "buy" rating and set a $500.00 target price on shares of Adobe in a research report on Friday, June 20th. JMP Securities restated a "market perform" rating on shares of Adobe in a research note on Monday, June 23rd. UBS Group cut their price objective on shares of Adobe from $430.00 to $400.00 and set a "neutral" rating for the company in a report on Friday, August 29th. BMO Capital Markets reissued an "outperform" rating and issued a $450.00 target price on shares of Adobe in a report on Friday, June 13th. Finally, Melius lowered shares of Adobe from a "hold" rating to a "sell" rating and set a $310.00 target price for the company. in a research report on Monday, August 11th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eight have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, Adobe presently has an average rating of "Moderate Buy" and an average price target of $446.74.

Adobe 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.

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