Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Stratos Investment Management LLC

Stratos Investment Management LLC increased its position in Adobe Inc. (NASDAQ:ADBE) by 40.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 19,612 shares of the software company’s stock after buying an additional 5,661 shares during the quarter. Stratos Investment Management LLC’s holdings in Adobe were worth $7,522,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Garde Capital Inc. purchased a new stake in shares of Adobe during the first quarter valued at $34,000. Krane Funds Advisors LLC lifted its holdings in shares of Adobe by 110.4% during the first quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company’s stock valued at $533,000 after purchasing an additional 730 shares during the last quarter. Burling Wealth Partners LLC purchased a new stake in shares of Adobe during the fourth quarter valued at $1,173,000. Summit Trail Advisors LLC lifted its stake in Adobe by 36.2% in the 1st quarter. Summit Trail Advisors LLC now owns 9,719 shares of the software company’s stock worth $3,728,000 after acquiring an additional 2,583 shares in the last quarter. Finally, Financial Counselors Inc. lifted its stake in Adobe by 9.2% in the 1st quarter. Financial Counselors Inc. now owns 62,851 shares of the software company’s stock worth $24,105,000 after acquiring an additional 5,298 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of NASDAQ ADBE opened at $376.93 on Tuesday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The firm has a market cap of $159.89 billion, a price-to-earnings ratio of 24.12, a P/E/G ratio of 1.80 and a beta of 1.51. The business’s 50-day simple moving average is $396.25 and its 200-day simple moving average is $407.34. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 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 analyst estimates of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.48 EPS. As a group, equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several research analyst reports. Piper Sandler reduced their price objective on Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a research note on Wednesday, April 23rd. Evercore ISI reissued an “outperform” rating and issued a $475.00 price objective on shares of Adobe in a research note on Friday, June 13th. Morgan Stanley reduced their price objective on Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Wall Street Zen raised Adobe from a “hold” rating to a “buy” rating in a research note on Thursday, May 22nd. Finally, Mizuho reduced their price objective on Adobe from $575.00 to $530.00 and set an “outperform” rating for the company in a research note on Friday, June 13th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $480.08.

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.