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Zions Bancorporation National Association UT Purchases Shares of 7,733 Adobe Inc. (NASDAQ:ADBE)

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Key Points

  • Zions Bancorporation National Association UT invested approximately $2.97 million in Adobe Inc. by acquiring 7,733 shares during the first quarter.
  • Adobe recently reported quarterly earnings exceeding expectations, with $5.06 EPS and revenue of $5.87 billion, leading to a 10.6% year-over-year increase.
  • Analysts have differing views on Adobe's stock, with a median price target of $473.88 and ratings ranging from "strong sell" to "strong buy."
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Zions Bancorporation National Association UT bought a new stake in Adobe Inc. (NASDAQ:ADBE - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 7,733 shares of the software company's stock, valued at approximately $2,966,000.

Several other institutional investors and hedge funds have also bought and sold shares of ADBE. Founders Financial Alliance LLC boosted its stake in shares of Adobe by 9.1% during the 1st quarter. Founders Financial Alliance LLC now owns 1,613 shares of the software company's stock worth $619,000 after acquiring an additional 135 shares during the period. Forsta AP Fonden lifted its holdings in Adobe by 9.2% during the 1st quarter. Forsta AP Fonden now owns 120,600 shares of the software company's stock valued at $46,254,000 after purchasing an additional 10,200 shares during the last quarter. Bristlecone Advisors LLC increased its holdings in shares of Adobe by 22.6% in the first quarter. Bristlecone Advisors LLC now owns 12,674 shares of the software company's stock valued at $4,861,000 after purchasing an additional 2,333 shares during the last quarter. Savvy Advisors Inc. raised its position in shares of Adobe by 47.1% in the first quarter. Savvy Advisors Inc. now owns 2,157 shares of the software company's stock valued at $827,000 after purchasing an additional 691 shares during the period. Finally, LaSalle St. Investment Advisors LLC lifted its stake in shares of Adobe by 3.3% during the 1st quarter. LaSalle St. Investment Advisors LLC now owns 972 shares of the software company's stock worth $372,000 after buying an additional 31 shares during the last quarter. Institutional investors own 81.79% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on the stock. UBS Group boosted their price objective on shares of Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a report on Monday, June 9th. Redburn Atlantic cut Adobe from a "hold" rating to a "strong sell" rating and cut their price target for the company from $420.00 to $280.00 in a research note on Wednesday, July 2nd. DA Davidson restated a "buy" rating and set a $500.00 price objective on shares of Adobe in a research note on Friday, June 20th. Phillip Securities raised Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday, June 16th. Finally, Oppenheimer reduced their target price on Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. Two 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 stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $473.88.

View Our Latest Report on ADBE

Adobe Price Performance

Shares of ADBE stock traded up $2.78 on Friday, reaching $341.05. The company's stock had a trading volume of 3,506,570 shares, compared to its average volume of 3,402,612. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The stock's 50 day simple moving average is $378.55 and its 200-day simple moving average is $395.76. 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 company has a market capitalization of $144.67 billion, a P/E ratio of 21.82, a PEG ratio of 1.62 and a beta of 1.51.

Adobe (NASDAQ:ADBE - Get Free Report) last announced its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.09. The business had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. Adobe's revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the previous year, the business posted $4.48 earnings per share. As a group, equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

About Adobe

(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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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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