Weitz Investment Management Inc. lifted its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 106.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 82,500 shares of the software company's stock after buying an additional 42,500 shares during the quarter. Adobe comprises 1.7% of Weitz Investment Management Inc.'s portfolio, making the stock its 26th biggest holding. Weitz Investment Management Inc.'s holdings in Adobe were worth $31,641,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also added to or reduced their stakes in ADBE. Sepio Capital LP increased its stake in Adobe by 2.3% in the 4th quarter. Sepio Capital LP now owns 993 shares of the software company's stock worth $442,000 after acquiring an additional 22 shares during the last quarter. Cadence Bank lifted its position in Adobe by 0.5% during the fourth quarter. Cadence Bank now owns 4,883 shares of the software company's stock valued at $2,171,000 after purchasing an additional 22 shares during the last quarter. Eagle Strategies LLC grew its stake in Adobe by 1.5% in the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock worth $651,000 after buying an additional 22 shares in the last quarter. RB Capital Management LLC increased its holdings in shares of Adobe by 0.4% in the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock worth $2,198,000 after buying an additional 22 shares during the last quarter. Finally, Orin Green Financial LLC raised its position in shares of Adobe by 3.8% during the 4th quarter. Orin Green Financial LLC now owns 621 shares of the software company's stock valued at $276,000 after buying an additional 23 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company's stock.
Wall Street Analysts Forecast Growth
ADBE has been the topic of a number of research reports. BMO Capital Markets restated an "outperform" rating and set a $450.00 price target on shares of Adobe in a research report on Friday, June 13th. UBS Group boosted their price target on shares of Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research note on Monday, June 9th. Piper Sandler decreased their price objective on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Mizuho dropped their target price on Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a report on Friday, June 13th. 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 given a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Adobe has a consensus rating of "Moderate Buy" and an average price target of $473.88.
Check Out Our Latest Report on ADBE
Adobe Price Performance
Shares of NASDAQ ADBE opened at $347.80 on Monday. The company has a 50 day simple moving average of $385.72 and a two-hundred day simple moving average of $398.74. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The company has a market capitalization of $147.54 billion, a price-to-earnings ratio of 22.25, a P/E/G ratio of 1.65 and a beta of 1.52. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99.
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, beating analysts' consensus estimates of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The business had revenue of $5.87 billion during the quarter, compared to analysts' expectations of $5.80 billion. During the same quarter in the previous year, the business earned $4.48 earnings per share. The firm's quarterly revenue was up 10.6% compared to the same quarter last year. Analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.
Adobe Company Profile
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Free Report)
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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