Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Wealth Advisory Solutions LLC

Wealth Advisory Solutions LLC boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 38.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,197 shares of the software company's stock after acquiring an additional 2,268 shares during the period. Wealth Advisory Solutions LLC's holdings in Adobe were worth $3,144,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in shares of Adobe during the fourth quarter valued at about $2,553,035,000. GAMMA Investing LLC raised its position in shares of Adobe by 46,806.6% in 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 purchasing an additional 2,984,391 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of Adobe by 82.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock valued at $937,291,000 after purchasing an additional 952,233 shares during the last quarter. Two Sigma Advisers LP raised its position in shares of Adobe by 1,414.5% in the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock valued at $395,321,000 after purchasing an additional 830,300 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Adobe in the 4th quarter valued at approximately $365,750,000. 81.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on ADBE shares. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $470.00 price objective (up from $430.00) on shares of Adobe in a research report on Friday, June 13th. Evercore ISI reissued an "outperform" rating and set a $475.00 price target on shares of Adobe in a research report on Friday, June 13th. Robert W. Baird raised their price target on shares of Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research report on Monday, June 16th. Morgan Stanley reduced 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, BMO Capital Markets reaffirmed an "outperform" rating and set a $450.00 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, seventeen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $480.08.

Adobe Trading Down 2.2%

NASDAQ:ADBE traded down $8.08 on Friday, reaching $363.35. 3,545,215 shares of the company's stock were exchanged, compared to its average volume of 3,460,173. 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 has a market capitalization of $154.13 billion, a price-to-earnings ratio of 23.25, a price-to-earnings-growth ratio of 1.72 and a beta of 1.51. The business has a fifty day moving average of $396.03 and a 200-day moving average of $405.54. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last issued its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $5.80 billion. During the same period in the prior year, the firm earned $4.48 earnings per share. The business's revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, analysts expect that Adobe Inc. will post 16.65 earnings per share for the current 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.