Pure Financial Advisors LLC Acquires 482 Shares of Adobe Inc. (NASDAQ:ADBE)

Pure Financial Advisors LLC lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 24.7% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 2,435 shares of the software company’s stock after purchasing an additional 482 shares during the period. Pure Financial Advisors LLC’s holdings in Adobe were worth $934,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ADBE. Norges Bank bought a new stake in Adobe during the 4th quarter worth about $2,553,035,000. GAMMA Investing LLC grew its stake 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 purchasing an additional 2,984,391 shares during the last quarter. Proficio Capital Partners LLC increased its holdings in shares of Adobe by 82,528.8% in 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 purchasing an additional 1,041,513 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its position in Adobe by 82.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock worth $937,291,000 after purchasing an additional 952,233 shares during the last quarter. Finally, Two Sigma Advisers LP lifted its holdings in Adobe by 1,414.5% during the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company’s stock worth $395,321,000 after buying an additional 830,300 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on ADBE. Wells Fargo & Company reissued an “overweight” rating and issued a $470.00 target price (up from $430.00) on shares of Adobe in a research note on Friday, June 13th. Morgan Stanley lowered their price objective on Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Stifel Nicolaus reduced their target price on shares of Adobe from $525.00 to $480.00 and set a “buy” rating on the stock in a research note on Friday, June 13th. KeyCorp upgraded shares of Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Finally, DA Davidson reissued a “buy” rating and set a $500.00 price target on shares of Adobe in a research note on Friday, June 20th. Nine research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $496.75.

Adobe Stock Performance

Shares of ADBE stock opened at $384.95 on Friday. 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 Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The company’s 50 day moving average price is $392.49 and its two-hundred day moving average price is $412.76. The company has a market capitalization of $164.07 billion, a P/E ratio of 24.63, a price-to-earnings-growth ratio of 1.84 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping analysts’ consensus estimates of $4.97 by $0.09. The business had revenue of $5.87 billion for 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%. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the business posted $4.48 earnings per share. On average, analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.