UNIVEST FINANCIAL Corp Acquires 12,216 Shares of Adobe Inc. (NASDAQ:ADBE)

Key Points

• UNIVEST FINANCIAL Corp increased its holdings in Adobe Inc. by 154.9% during the first quarter, now owning 20,102 shares valued at $7.71 million.
• Adobe reported earnings of $5.06 per share, exceeding expectations of $4.97, with quarterly revenue reaching $5.87 billion—a 10.6% increase from the previous year.
• Currently, 81.79% of Adobe's stock is owned by institutional investors, reflecting solid interest and confidence in the company's financial health.

UNIVEST FINANCIAL Corp boosted its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 154.9% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 20,102 shares of the software company's stock after purchasing an additional 12,216 shares during the period. UNIVEST FINANCIAL Corp's holdings in Adobe were worth $7,710,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. GAMMA Investing LLC grew its position in shares of 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 grew its position in shares of Adobe by 1,482.7% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company's stock valued at $498,000 after acquiring an additional 1,216,351 shares during the period. Two Sigma Advisers LP grew its position in shares of Adobe by 1,414.5% during the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock valued at $395,321,000 after acquiring an additional 830,300 shares during the period. Universal Beteiligungs und Servicegesellschaft mbH bought a new position in shares of Adobe during the 4th quarter valued at approximately $365,750,000. Finally, Bank of New York Mellon Corp grew its position in shares of Adobe by 14.4% during the 1st quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company's stock valued at $2,504,685,000 after acquiring an additional 821,293 shares during the period. 81.79% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on ADBE. Wall Street Zen raised shares of Adobe from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. Wells Fargo & Company restated an "overweight" rating and set a $470.00 price target (up from $430.00) on shares of Adobe in a research note on Friday, June 13th. Redburn Atlantic cut shares of Adobe from a "hold" rating to a "strong sell" rating and dropped their price target for the company from $420.00 to $280.00 in a research note on Wednesday, July 2nd. Robert W. Baird upped their price target on shares of Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research note on Monday, June 16th. Finally, Mizuho dropped their price target on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a research note on Friday, June 13th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Adobe currently has a consensus rating of "Moderate Buy" and an average price target of $473.88.

Adobe Price Performance

NASDAQ:ADBE traded down $9.89 during midday trading on Friday, hitting $347.80. The company had a trading volume of 4,305,938 shares, compared to its average volume of 3,069,042. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The stock's fifty day moving average price is $385.72 and its 200-day moving average price is $399.07. The company has a market capitalization of $147.54 billion, a PE ratio of 22.25, a P/E/G ratio of 1.70 and a beta of 1.52. 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 announced its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (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 company had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. During the same period in the previous year, the business earned $4.48 earnings per share. The firm's quarterly revenue was up 10.6% compared to the same quarter last year. As a group, research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

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.