AlphaStar Capital Management LLC Boosts Position in Adobe Inc. (NASDAQ:ADBE)

AlphaStar Capital Management LLC boosted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 18.2% in the first quarter, Holdings Channel reports. The fund owned 4,514 shares of the software company’s stock after purchasing an additional 695 shares during the quarter. AlphaStar Capital Management LLC’s holdings in Adobe were worth $1,731,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Brighton Jones LLC boosted its stake in shares of Adobe by 2.1% in the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock worth $3,588,000 after acquiring an additional 167 shares during the period. Bank Pictet & Cie Europe AG increased its stake in Adobe by 2.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company’s stock worth $12,882,000 after acquiring an additional 756 shares during the last quarter. GHE LLC increased its stake in Adobe by 2.9% in the 4th quarter. GHE LLC now owns 23,577 shares of the software company’s stock worth $10,484,000 after acquiring an additional 670 shares during the last quarter. Proficio Capital Partners LLC increased its stake in Adobe by 85.8% in the 4th quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company’s stock worth $1,043,000 after acquiring an additional 1,083 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Adobe by 11.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 258,340 shares of the software company’s stock worth $114,879,000 after acquiring an additional 25,543 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of ADBE stock opened at $378.32 on Tuesday. The company has a market capitalization of $160.48 billion, a P/E ratio of 24.16, a P/E/G ratio of 1.80 and a beta of 1.51. The business’s 50 day moving average is $396.25 and its two-hundred day moving average is $407.34. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating the consensus estimate of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm had revenue of $5.87 billion during the quarter, compared to analysts’ expectations of $5.80 billion. During the same quarter last year, the firm earned $4.48 earnings per share. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. Analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on ADBE shares. Morgan Stanley dropped their target price on Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Robert W. Baird boosted their price objective on Adobe from $410.00 to $425.00 and gave the company a “neutral” rating in a report on Monday, June 16th. Redburn Atlantic cut Adobe from a “hold” rating to a “strong sell” rating and lowered their target price for the stock from $420.00 to $280.00 in a report on Wednesday, July 2nd. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Monday, June 23rd. Finally, Piper Sandler lowered their target price on Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus 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.