Nvest Financial LLC Purchases 470 Shares of Adobe Inc. (NASDAQ:ADBE)

Nvest Financial LLC grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 23.7% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,449 shares of the software company’s stock after purchasing an additional 470 shares during the quarter. Nvest Financial LLC’s holdings in Adobe were worth $939,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of ADBE. Geode Capital Management LLC raised its stake in shares of Adobe by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock valued at $4,739,788,000 after purchasing an additional 151,286 shares during the period. Norges Bank bought a new stake in shares of Adobe during the fourth quarter valued at about $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Adobe by 12.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company’s stock valued at $2,375,345,000 after buying an additional 600,146 shares during the period. Northern Trust Corp lifted its holdings in shares of Adobe by 14.5% in the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company’s stock worth $2,363,125,000 after buying an additional 672,919 shares in the last quarter. Finally, Edgewood Management LLC boosted its position in shares of Adobe by 20.7% in the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock valued at $1,805,009,000 after acquiring an additional 696,172 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Bank of America increased their target price on shares of Adobe from $424.00 to $475.00 and gave the stock a “buy” rating in a research note on Friday, June 13th. Royal Bank Of Canada reissued an “outperform” rating and set a $480.00 price objective on shares of Adobe in a report on Thursday, June 5th. Mizuho lowered their target price on shares of Adobe from $575.00 to $530.00 and set an “outperform” rating on the stock in a research note on Friday, June 13th. Jefferies Financial Group cut their price target on shares of Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Finally, Wells Fargo & Company reissued an “overweight” rating and issued a $470.00 price target (up previously from $430.00) on shares of Adobe in a report on Friday, June 13th. Nine equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $496.75.

Adobe Price Performance

Shares of Adobe stock opened at $387.55 on Thursday. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 1.18. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The business’s 50 day simple moving average is $391.76 and its two-hundred day simple moving average is $413.89. The stock has a market capitalization of $165.17 billion, a P/E ratio of 24.80, a price-to-earnings-growth ratio of 1.81 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, June 12th. The software company reported $5.06 EPS 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 for the quarter, compared to the consensus estimate of $5.80 billion. During the same period in the previous year, the firm earned $4.48 earnings per share. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. Analysts forecast that Adobe Inc. will post 16.65 EPS for the current 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.