Smallwood Wealth Investment Management LLC Acquires Shares of 212 Adobe Inc. (NASDAQ:ADBE)

Smallwood Wealth Investment Management LLC acquired a new stake in shares of Adobe Inc. (NASDAQ:ADBE) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 212 shares of the software company’s stock, valued at approximately $81,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in ADBE. Norges Bank acquired a new position in Adobe during the 4th quarter valued at about $2,553,035,000. GAMMA Investing LLC raised 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 purchasing an additional 2,984,391 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings 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 valued at $937,291,000 after purchasing an additional 952,233 shares in the last quarter. Two Sigma Advisers LP boosted 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. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Adobe during the fourth quarter worth $365,750,000. 81.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently commented on ADBE shares. Robert W. Baird increased their price target on Adobe from $410.00 to $425.00 and gave the company a “neutral” rating in a research report on Monday, June 16th. Piper Sandler reduced their target price on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a research note on Wednesday, April 23rd. UBS Group increased their target price on shares of Adobe from $380.00 to $430.00 and gave the company a “neutral” rating in a report on Monday, June 9th. Phillip Securities upgraded shares of Adobe from a “moderate sell” rating to a “strong-buy” rating in a report on Monday, June 16th. Finally, Mizuho reduced their price objective 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. Nine research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Adobe has an average rating of “Moderate Buy” and an average price target of $496.75.

Adobe Stock Performance

Shares of ADBE opened at $386.88 on Tuesday. 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 current ratio of 0.99 and a quick ratio of 0.99. The stock’s fifty day moving average price is $394.10 and its two-hundred day moving average price is $409.69. The firm has a market cap of $164.11 billion, a PE ratio of 24.75, a PEG ratio of 1.83 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data 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 analysts’ expectations of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the business posted $4.48 EPS. On average, equities research analysts forecast that Adobe Inc. will post 16.65 EPS 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.