Adobe Inc. (NASDAQ:ADBE) Stock Position Raised by Wealthfront Advisers LLC

Wealthfront Advisers LLC increased its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 8.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 48,403 shares of the software company's stock after buying an additional 3,594 shares during the quarter. Wealthfront Advisers LLC's holdings in Adobe were worth $18,564,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Adobe in the fourth quarter worth $2,553,035,000. GAMMA Investing LLC grew its stake in shares of Adobe by 46,806.6% in the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock worth $1,147,049,000 after purchasing an additional 2,984,391 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd grew its stake in shares of Adobe by 1,482.7% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company's stock worth $498,000 after purchasing an additional 1,216,351 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its stake in shares of Adobe by 82.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock worth $937,291,000 after purchasing an additional 952,233 shares in the last quarter. Finally, Two Sigma Advisers LP grew its stake in shares of Adobe by 1,414.5% in the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock worth $395,321,000 after purchasing an additional 830,300 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. Jefferies Financial Group decreased their price target on Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a research note on Monday, March 31st. Piper Sandler cut their price objective on Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. JMP Securities reaffirmed a "market perform" rating on shares of Adobe in a research note on Monday, June 23rd. Phillip Securities raised Adobe from a "moderate sell" rating to a "strong-buy" rating in a research note on Monday, June 16th. Finally, Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Adobe currently has a consensus rating of "Moderate Buy" and a consensus target price of $473.88.

Adobe Stock Down 0.7%

Adobe stock traded down $2.41 during mid-day trading on Wednesday, hitting $361.77. The company's stock had a trading volume of 3,590,702 shares, compared to its average volume of 3,468,792. The firm's 50 day moving average is $394.90 and its 200 day moving average is $404.10. The company has a market cap of $153.46 billion, a PE ratio of 23.15, a price-to-earnings-growth ratio of 1.73 and a beta of 1.51. 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 Inc. has a 52-week low of $332.01 and a 52-week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.09. The firm had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The business's revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the prior year, the business earned $4.48 EPS. On average, 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.