Mattern Capital Management LLC Purchases 554 Shares of Adobe Inc. (NASDAQ:ADBE)

Mattern Capital Management LLC grew its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 26.8% in the first quarter, Holdings Channel reports. The institutional investor owned 2,623 shares of the software company’s stock after purchasing an additional 554 shares during the period. Mattern Capital Management LLC’s holdings in Adobe were worth $1,006,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in ADBE. Norges Bank acquired a new position in shares of Adobe during the fourth quarter valued at about $2,553,035,000. GAMMA Investing LLC raised its position in shares of Adobe by 46,806.6% during the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company’s stock valued at $1,147,049,000 after buying an additional 2,984,391 shares during the last quarter. Proficio Capital Partners LLC raised its position in shares of Adobe by 82,528.8% during the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock valued at $463,701,000 after buying an additional 1,041,513 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of Adobe by 82.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock valued at $937,291,000 after buying an additional 952,233 shares during the last quarter. Finally, Two Sigma Advisers LP raised its position in shares of Adobe by 1,414.5% during the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company’s stock valued at $395,321,000 after buying an additional 830,300 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE opened at $382.34 on Wednesday. The firm has a market cap of $162.95 billion, a price-to-earnings ratio of 24.46, a PEG ratio of 1.80 and a beta of 1.55. The company has a 50 day moving average of $390.90 and a 200-day moving average of $414.07. The company has a current ratio of 0.99, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. During the same quarter last year, the business posted $4.48 earnings per share. The company’s revenue was up 10.6% on a year-over-year basis. On average, equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Citigroup cut their price objective on shares of Adobe from $465.00 to $450.00 and set a “neutral” rating for the company in a research report on Monday, June 16th. Evercore ISI reaffirmed an “outperform” rating and set a $475.00 price objective on shares of Adobe in a research report on Friday, June 13th. KeyCorp raised shares of Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Mizuho dropped their price target on shares of Adobe from $575.00 to $530.00 and set an “outperform” rating for the company in a research report on Friday, June 13th. Finally, Morgan Stanley dropped their price target on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Nine investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $496.75.

Adobe Company 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.