Victory Capital Management Inc. Raises Position in Adobe Inc. (NASDAQ:ADBE)

Victory Capital Management Inc. grew its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 6.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 558,088 shares of the software company's stock after buying an additional 35,171 shares during the quarter. Victory Capital Management Inc. owned 0.13% of Adobe worth $214,043,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Geode Capital Management LLC lifted its holdings in shares of Adobe by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock valued at $4,739,788,000 after buying an additional 151,286 shares during the period. Bank of New York Mellon Corp lifted its holdings 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 buying an additional 821,293 shares during the period. Norges Bank bought a new position in shares of Adobe during the 4th quarter valued at $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in shares of Adobe by 12.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock valued at $2,375,345,000 after buying an additional 600,146 shares during the period. Finally, Northern Trust Corp lifted its holdings in shares of Adobe by 14.5% during the 4th quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock valued at $2,363,125,000 after buying an additional 672,919 shares during the period. 81.79% of the stock is owned by institutional investors.

Adobe Price Performance

Shares of ADBE traded down $0.66 during midday trading on Friday, hitting $365.79. 2,445,698 shares of the company traded hands, compared to its average volume of 3,473,987. The firm has a 50 day moving average of $394.20 and a 200-day moving average of $403.01. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The stock has a market cap of $155.17 billion, a price-to-earnings ratio of 23.40, a PEG ratio of 1.74 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating 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 business had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same quarter in the prior year, the firm earned $4.48 EPS. The business's revenue was up 10.6% on a year-over-year basis. On average, analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on ADBE. Evercore ISI restated an "outperform" rating and issued a $475.00 price objective on shares of Adobe in a research note on Friday, June 13th. Oppenheimer reduced their price objective on Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a research note on Friday, June 13th. Mizuho reduced their price objective on Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research note on Friday, June 13th. Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. Finally, KeyCorp upgraded Adobe from an "underweight" rating to a "sector weight" rating in a research note on Friday, March 21st. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $473.88.

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.