Wealthedge Investment Advisors LLC Purchases New Position in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Wealthedge Investment Advisors LLC has acquired a new position in Adobe Inc., purchasing 2,853 shares valued at approximately $1,094,000 in the first quarter.
• Overall, institutional investors own 81.79% of Adobe's stock, with several firms recently initiating new positions in the company.
• Analyst ratings for Adobe vary significantly, with four analysts rating it a "sell", while others have a range from "hold" to "strong buy." The consensus rating is a "Moderate Buy" with an average target price of $467.58.

Wealthedge Investment Advisors LLC purchased a new stake in Adobe Inc. (NASDAQ:ADBE - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 2,853 shares of the software company's stock, valued at approximately $1,094,000.

Other institutional investors have also recently made changes to their positions in the company. Copia Wealth Management bought a new position in shares of Adobe in the 4th quarter valued at about $28,000. SWAN Capital LLC bought a new stake in Adobe in the fourth quarter worth about $28,000. Barnes Dennig Private Wealth Management LLC bought a new stake in Adobe in the first quarter worth about $26,000. HHM Wealth Advisors LLC bought a new stake in Adobe in the first quarter worth about $30,000. Finally, Bernard Wealth Management Corp. bought a new stake in Adobe in the fourth quarter worth about $36,000. Institutional investors own 81.79% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Rothschild & Co Redburn downgraded shares of Adobe from a "neutral" rating to a "sell" rating and set a $280.00 price objective for the company. in a research note on Wednesday, July 2nd. Citigroup decreased their price objective on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a research note on Monday, June 16th. Piper Sandler decreased their price objective on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Phillip Securities raised shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a research report on Monday, June 16th. Finally, UBS Group raised their target price on shares of Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research report on Monday, June 9th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $467.58.

Adobe Trading Down 0.7%

NASDAQ ADBE opened at $348.58 on Friday. The company has a market capitalization of $147.87 billion, a PE ratio of 22.30, a P/E/G ratio of 1.66 and a beta of 1.51. The company has a fifty day moving average of $373.08 and a 200 day moving average of $393.45. Adobe Inc. has a 1 year low of $330.04 and a 1 year high of $587.75. 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 posted its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.97 by $0.09. The company had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The firm's quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the firm posted $4.48 earnings per share. Research analysts forecast 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.

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