Elyxium Wealth LLC Acquires New Holdings in Adobe Inc. (NASDAQ:ADBE)

Elyxium Wealth LLC acquired a new position in shares of Adobe Inc. (NASDAQ:ADBE) in the 1st quarter, HoldingsChannel.com reports. The firm acquired 2,764 shares of the software company’s stock, valued at approximately $1,060,000.

A number of other hedge funds have also recently added to or reduced their stakes in ADBE. Copia Wealth Management acquired a new stake in Adobe during the 4th quarter worth $28,000. SWAN Capital LLC bought a new stake in shares of Adobe in the 4th quarter valued at $28,000. Barnes Dennig Private Wealth Management LLC acquired a new stake in Adobe in the first quarter valued at approximately $26,000. Summit Securities Group LLC purchased a new position in Adobe during the 4th quarter worth $31,000. Finally, Bernard Wealth Management Corp. purchased a new position in Adobe in the fourth quarter valued at about $36,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

NASDAQ:ADBE opened at $365.79 on Friday. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The company has a market cap of $155.17 billion, a price-to-earnings ratio of 23.40, a price-to-earnings-growth ratio of 1.73 and a beta of 1.51. The company has a fifty day simple moving average of $394.20 and a two-hundred day simple moving average of $402.72.

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

Analysts Set New Price Targets

Several research analysts recently commented on the stock. Jefferies Financial Group decreased their target price on shares of Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Evercore ISI reissued an “outperform” rating and issued a $475.00 target price on shares of Adobe in a report on Friday, June 13th. Piper Sandler dropped their target price on Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. 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 note on Friday, June 13th. Finally, Wall Street Zen downgraded Adobe from a “buy” rating to a “hold” rating in a research report on Friday. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, fifteen have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $473.88.

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.