Waycross Partners LLC Buys 8,525 Shares of Adobe Inc. (NASDAQ:ADBE)

Key Points

• Waycross Partners LLC increased its ownership of Adobe Inc. shares by 26.3%, acquiring an additional 8,525 shares, bringing their total to 40,933 shares valued at approximately $15.7 million.
• Several institutional investors, including Ontario Teachers Pension Plan Board and Deutsche Bank AG, have significantly increased their stakes in Adobe, indicating strong interest among hedge funds.
• Adobe reported earnings of $5.06 EPS, surpassing analysts’ expectations, with revenue up 10.6% year-over-year, showcasing the company's strong financial performance.

Waycross Partners LLC raised its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 26.3% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 40,933 shares of the software company's stock after buying an additional 8,525 shares during the period. Adobe comprises about 1.8% of Waycross Partners LLC's investment portfolio, making the stock its 28th biggest holding. Waycross Partners LLC's holdings in Adobe were worth $15,699,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in ADBE. Ontario Teachers Pension Plan Board boosted its stake in shares of Adobe by 399.8% during the 1st quarter. Ontario Teachers Pension Plan Board now owns 4,333 shares of the software company's stock valued at $1,662,000 after purchasing an additional 3,466 shares in the last quarter. 1834 Investment Advisors Co. lifted its holdings in Adobe by 10.8% in the first quarter. 1834 Investment Advisors Co. now owns 2,157 shares of the software company's stock worth $827,000 after buying an additional 210 shares during the period. Deutsche Bank AG boosted its position in Adobe by 6.8% during the 1st quarter. Deutsche Bank AG now owns 3,735,509 shares of the software company's stock valued at $1,432,680,000 after acquiring an additional 238,542 shares in the last quarter. Chicago Partners Investment Group LLC grew its holdings in shares of Adobe by 6.8% during the 1st quarter. Chicago Partners Investment Group LLC now owns 3,494 shares of the software company's stock worth $1,345,000 after acquiring an additional 223 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its position in shares of Adobe by 3.2% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,898,297 shares of the software company's stock worth $1,111,584,000 after acquiring an additional 89,388 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

Analyst Ratings Changes

Several research firms recently weighed in on ADBE. DA Davidson restated a "buy" rating and set a $500.00 price target on shares of Adobe in a research report on Friday, June 20th. Wells Fargo & Company restated an "overweight" rating and set a $470.00 target price (up previously from $430.00) on shares of Adobe in a report on Friday, June 13th. Redburn Atlantic downgraded shares of Adobe from a "hold" rating to a "strong sell" rating and reduced their target price for the stock from $420.00 to $280.00 in a research report on Wednesday, July 2nd. Morgan Stanley lowered their price target on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Finally, Evercore ISI reissued an "outperform" rating and set a $475.00 price objective on shares of Adobe in a research note on Friday, June 13th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $473.88.

Adobe Stock Performance

Shares of ADBE traded up $2.78 during mid-day trading on Friday, hitting $341.05. 3,506,570 shares of the company traded hands, compared to its average volume of 3,402,612. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a 50-day moving average price of $380.02 and a two-hundred day moving average price of $396.70. The stock has a market cap of $144.67 billion, a price-to-earnings ratio of 21.82, a P/E/G ratio of 1.60 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last released its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, beating 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 firm had revenue of $5.87 billion for the quarter, compared to analysts' expectations of $5.80 billion. During the same period in the prior year, the firm earned $4.48 EPS. The company's revenue was up 10.6% compared to the same quarter last year. Equities analysts anticipate 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.