Elevated Capital Advisors LLC Boosts Holdings in Adobe Inc. (NASDAQ:ADBE)

Elevated Capital Advisors LLC boosted its position in Adobe Inc. (NASDAQ:ADBE) by 1.6% in the 1st quarter, Holdings Channel reports. The firm owned 3,147 shares of the software company’s stock after acquiring an additional 49 shares during the quarter. Elevated Capital Advisors LLC’s holdings in Adobe were worth $1,207,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in ADBE. Norges Bank acquired a new position in Adobe in the 4th quarter valued at $2,553,035,000. GAMMA Investing LLC lifted its stake in shares of Adobe by 46,806.6% in the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company’s stock worth $1,147,049,000 after buying an additional 2,984,391 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Adobe by 82.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock worth $937,291,000 after buying an additional 952,233 shares in the last quarter. Two Sigma Advisers LP lifted its stake in shares of Adobe by 1,414.5% in the fourth 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. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new position in shares of Adobe during the 4th quarter worth approximately $365,750,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Price Performance

Adobe stock opened at $385.83 on Friday. The company’s 50 day simple moving average is $393.23 and its 200-day simple moving average is $411.65. The company has a market capitalization of $163.67 billion, a price-to-earnings ratio of 24.69, a price-to-earnings-growth ratio of 1.82 and a beta of 1.55. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. 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 released its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.97 by $0.09. The business had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business’s revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the firm earned $4.48 EPS. As a group, equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Stifel Nicolaus lowered their target price on Adobe from $525.00 to $480.00 and set a “buy” rating on the stock in a report on Friday, June 13th. BMO Capital Markets restated an “outperform” rating and set a $450.00 target price on shares of Adobe in a report on Friday, June 13th. Bank of America boosted their target price on Adobe from $424.00 to $475.00 and gave the stock a “buy” rating in a report on Friday, June 13th. UBS Group boosted their target price on Adobe from $380.00 to $430.00 and gave the stock a “neutral” rating in a report on Monday, June 9th. Finally, Phillip Securities raised shares of Adobe from a “moderate sell” rating to a “strong-buy” rating in a research note on Monday, June 16th. Nine investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus 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.