University of Texas Texas AM Investment Management Co. Acquires 3,907 Shares of Adobe Inc. (NASDAQ:ADBE)

Key Points

• The University of Texas Texas AM Investment Management Co. increased its holdings in Adobe Inc. by 79.7%, acquiring an additional 3,907 shares during the first quarter, bringing its total holdings to 8,808 shares valued at over $3.3 million.
• Adobe recently reported earnings of $5.06 per share, exceeding analysts' expectations, and its revenue reached $5.87 billion, up 10.6% from the previous year.
• Brokerage firms have provided mixed ratings for Adobe, with two analysts issuing sell ratings, eight hold ratings, and sixteen buy ratings, leading to an average rating of "Moderate Buy" and a price target of approximately $473.88.

University of Texas Texas AM Investment Management Co. boosted its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 79.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 8,808 shares of the software company's stock after buying an additional 3,907 shares during the period. University of Texas Texas AM Investment Management Co.'s holdings in Adobe were worth $3,378,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of ADBE. Sepio Capital LP increased its stake in shares of Adobe by 2.3% in the 4th quarter. Sepio Capital LP now owns 993 shares of the software company's stock worth $442,000 after purchasing an additional 22 shares in the last quarter. Cadence Bank grew its holdings in Adobe by 0.5% during the fourth quarter. Cadence Bank now owns 4,883 shares of the software company's stock valued at $2,171,000 after purchasing an additional 22 shares during the period. Eagle Strategies LLC increased its position in Adobe by 1.5% in the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock worth $651,000 after buying an additional 22 shares in the last quarter. RB Capital Management LLC raised its stake in shares of Adobe by 0.4% in the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock worth $2,198,000 after buying an additional 22 shares during the period. Finally, Orin Green Financial LLC lifted its position in shares of Adobe by 3.8% during the 4th 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 in the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Trading Down 0.3%

ADBE traded down $1.27 on Monday, hitting $369.47. The company had a trading volume of 2,982,954 shares, compared to its average volume of 3,264,594. The business's fifty day simple moving average is $389.99 and its 200 day simple moving average is $400.32. 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 Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The company has a market cap of $156.73 billion, a PE ratio of 23.64, a PEG ratio of 1.76 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Thursday, June 12th. The software company reported $5.06 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 firm had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. During the same quarter in the previous year, the business earned $4.48 EPS. The company's quarterly revenue was up 10.6% on a year-over-year basis. Equities research analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on ADBE. Citigroup reduced their target price 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. Morgan Stanley decreased their price objective on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 16th. Piper Sandler cut their price target on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Robert W. Baird upped their price objective on Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research note on Monday, June 16th. Finally, JMP Securities reiterated a "market perform" rating on shares of Adobe in a research report on Monday, June 23rd. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Adobe presently has an average rating of "Moderate Buy" and a consensus price target of $473.88.

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.