Westpac Banking Corp Raises Holdings in Adobe Inc. (NASDAQ:ADBE)

Key Points

• Westpac Banking Corp increased its stake in Adobe Inc. by 34.3% during the first quarter, owning a total of 19,508 shares valued at approximately $7,482,000.
• Adobe's earnings per share for the last quarter was $5.06, exceeding expectations, and the company's revenue increased by 10.6% year-over-year to $5.87 billion.
• Analysts have mixed ratings for Adobe, with a consensus rating of "Moderate Buy" and a price target averaging $467.58, amidst several upgrades and downgrades by different firms.

Westpac Banking Corp boosted its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 34.3% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 19,508 shares of the software company's stock after purchasing an additional 4,978 shares during the quarter. Westpac Banking Corp's holdings in Adobe were worth $7,482,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in ADBE. Cadence Bank lifted its position in shares of Adobe by 0.5% during the 4th quarter. Cadence Bank now owns 4,883 shares of the software company's stock valued at $2,171,000 after buying an additional 22 shares during the last quarter. Eagle Strategies LLC lifted its position in shares of Adobe by 1.5% during the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock valued at $651,000 after buying an additional 22 shares during the last quarter. RB Capital Management LLC lifted its position in shares of Adobe by 0.4% during the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock valued at $2,198,000 after buying an additional 22 shares during the last quarter. Orin Green Financial LLC lifted 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 during the last quarter. Finally, Diligent Investors LLC lifted its position in shares of Adobe by 1.2% during the 4th quarter. Diligent Investors LLC now owns 2,160 shares of the software company's stock valued at $961,000 after buying an additional 26 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ADBE. Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. DA Davidson reaffirmed a "buy" rating and set a $500.00 price target on shares of Adobe in a research report on Friday, June 20th. Robert W. Baird increased their price objective on Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a report on Monday, June 16th. Oppenheimer dropped their price objective on Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. Finally, Mizuho dropped their price objective on Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Adobe currently has an average rating of "Moderate Buy" and a consensus price target of $467.58.

Adobe Price Performance

Shares of Adobe stock traded down $2.49 during trading on Thursday, hitting $348.58. 3,742,284 shares of the stock traded hands, compared to its average volume of 3,798,046. 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 stock has a market cap of $147.87 billion, a price-to-earnings ratio of 22.30, a PEG ratio of 1.60 and a beta of 1.51. The firm's fifty day moving average is $374.41 and its 200-day moving average is $394.07. Adobe Inc. has a 52 week low of $330.04 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 EPS for the quarter, beating the consensus estimate of $4.97 by $0.09. The firm had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company's revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the company earned $4.48 EPS. Research analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal 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.