Wakefield Asset Management LLLP Takes Position in Adobe Inc. (NASDAQ:ADBE)

Wakefield Asset Management LLLP acquired a new stake in Adobe Inc. (NASDAQ:ADBE - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 1,033 shares of the software company's stock, valued at approximately $396,000.

Other hedge funds have also made changes to their positions in the company. Copia Wealth Management acquired a new position in shares of Adobe in the fourth quarter worth $28,000. SWAN Capital LLC purchased a new position in Adobe in the fourth quarter valued at about $28,000. Barnes Dennig Private Wealth Management LLC acquired a new stake in Adobe during the first quarter valued at approximately $26,000. Summit Securities Group LLC acquired a new stake in shares of Adobe during the 4th quarter worth approximately $31,000. Finally, Bernard Wealth Management Corp. acquired a new stake in shares of Adobe during the 4th quarter worth approximately $36,000. Hedge funds and other institutional investors own 81.79% of the company's stock.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of recent analyst reports. Phillip Securities raised Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday, June 16th. Wells Fargo & Company reissued an "overweight" rating and issued a $470.00 price objective (up from $430.00) on shares of Adobe in a report on Friday, June 13th. BMO Capital Markets reissued an "outperform" rating and issued a $450.00 price objective on shares of Adobe in a report on Friday, June 13th. JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a research note on Monday, June 23rd. Finally, Redburn Atlantic lowered Adobe from a "hold" rating to a "strong sell" rating and decreased their price target for the company from $420.00 to $280.00 in a research note on Wednesday, July 2nd. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Adobe has a consensus rating of "Moderate Buy" and a consensus price target of $473.88.

Adobe Stock Performance

Shares of ADBE stock traded down $0.95 on Friday, reaching $370.74. The stock had a trading volume of 2,052,034 shares, compared to its average volume of 3,772,122. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The firm's 50-day moving average is $391.94 and its two-hundred day moving average is $401.19. The firm has a market capitalization of $157.27 billion, a price-to-earnings ratio of 23.72, a P/E/G ratio of 1.77 and a beta of 1.51. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75.

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, topping analysts' consensus estimates of $4.97 by $0.09. The firm had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company's revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the previous year, the business posted $4.48 earnings per share. On average, research analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

About Adobe

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.