Horizon Bancorp Inc. IN Boosts Stake in Adobe Inc. (NASDAQ:ADBE)

Horizon Bancorp Inc. IN grew its position in shares of Adobe Inc. (NASDAQ:ADBE) by 8.1% during the first quarter, Holdings Channel reports. The fund owned 478 shares of the software company’s stock after purchasing an additional 36 shares during the period. Horizon Bancorp Inc. IN’s holdings in Adobe were worth $183,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Brighton Jones LLC boosted its position in shares of Adobe by 2.1% in the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock worth $3,588,000 after purchasing an additional 167 shares in the last quarter. Bank Pictet & Cie Europe AG boosted its position in shares of Adobe by 2.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company’s stock worth $12,882,000 after purchasing an additional 756 shares in the last quarter. MONECO Advisors LLC boosted its position in shares of Adobe by 14.0% in the 4th quarter. MONECO Advisors LLC now owns 832 shares of the software company’s stock worth $370,000 after purchasing an additional 102 shares in the last quarter. IFP Advisors Inc boosted its position in shares of Adobe by 9.6% in the 4th quarter. IFP Advisors Inc now owns 5,736 shares of the software company’s stock worth $2,553,000 after purchasing an additional 502 shares in the last quarter. Finally, GHE LLC boosted its position in shares of Adobe by 2.9% in the 4th quarter. GHE LLC now owns 23,577 shares of the software company’s stock worth $10,484,000 after purchasing an additional 670 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on ADBE. Morgan Stanley lowered their price objective on Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Monday. UBS Group upped their price objective on Adobe from $380.00 to $430.00 and gave the company a “neutral” rating in a research report on Monday, June 9th. Piper Sandler lowered their price objective on Adobe from $600.00 to $500.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 23rd. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $480.00 price objective on shares of Adobe in a research report on Thursday, June 5th. Nine research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued 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 target price of $496.75.

Adobe Price Performance

Shares of Adobe stock opened at $382.34 on Wednesday. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The stock’s fifty day moving average is $390.90 and its 200 day moving average is $414.07. The stock has a market cap of $162.95 billion, a P/E ratio of 24.46, a P/E/G ratio of 1.80 and a beta of 1.55. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.18 and a current ratio of 0.99.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping 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 company had revenue of $5.87 billion for the quarter, compared to analysts’ expectations of $5.80 billion. During the same period last year, the firm earned $4.48 EPS. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. Sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

About Adobe

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.