US Bancorp DE Purchases 46,414 Shares of Adobe Inc. (NASDAQ:ADBE)

Key Points

• US Bancorp DE raised its stock position in Adobe by 15.1%, acquiring an additional 46,414 shares for a total of 352,933 shares valued at $135.36 million.
• Adobe's quarterly earnings report showed earnings per share of $5.06, surpassing analysts' expectations of $4.97 and reflecting a year-over-year revenue growth of 10.6%.
• The stock has experienced changes in analyst ratings, with a consensus rating of "Moderate Buy" and an average price target of $473.88.

US Bancorp DE boosted its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 15.1% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 352,933 shares of the software company's stock after acquiring an additional 46,414 shares during the period. US Bancorp DE owned 0.08% of Adobe worth $135,360,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Copia Wealth Management purchased a new stake in Adobe during the 4th quarter valued at approximately $28,000. SWAN Capital LLC purchased a new stake in Adobe during the 4th quarter valued at approximately $28,000. Barnes Dennig Private Wealth Management LLC purchased a new stake in Adobe during the 1st quarter valued at approximately $26,000. HHM Wealth Advisors LLC purchased a new stake in Adobe during the 1st quarter valued at approximately $30,000. Finally, Bernard Wealth Management Corp. purchased a new stake in Adobe during the 4th quarter valued at approximately $36,000. Institutional investors own 81.79% of the company's stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on ADBE shares. Wall Street Zen raised shares of Adobe from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Robert W. Baird raised their target price on shares of Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a report on Monday, June 16th. DA Davidson reissued a "buy" rating and issued a $500.00 target price on shares of Adobe in a report on Friday, June 20th. 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, Mizuho cut 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. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $473.88.

Adobe Trading Down 2.8%

Shares of NASDAQ:ADBE traded down $9.89 on Friday, hitting $347.80. 4,305,938 shares of the company's stock were exchanged, compared to its average volume of 3,069,042. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The stock has a market capitalization of $147.54 billion, a price-to-earnings ratio of 22.25, a price-to-earnings-growth ratio of 1.70 and a beta of 1.52. The business's 50 day simple moving average is $385.72 and its two-hundred day simple moving average is $399.07. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99.

Adobe (NASDAQ:ADBE - Get Free Report) last released its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The business 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. The business's revenue for the quarter was up 10.6% compared to the same quarter last year. 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.