Elefante Mark B Has $346,000 Position in Adobe Inc. (NASDAQ:ADBE)

Elefante Mark B lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 4.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 901 shares of the software company’s stock after purchasing an additional 35 shares during the quarter. Elefante Mark B’s holdings in Adobe were worth $346,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Brighton Jones LLC grew its position in Adobe by 2.1% in the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock valued at $3,588,000 after purchasing an additional 167 shares in the last quarter. Bank Pictet & Cie Europe AG raised its position in shares of Adobe by 2.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company’s stock valued at $12,882,000 after purchasing an additional 756 shares during the period. GHE LLC lifted its position in Adobe by 2.9% during the fourth 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. Congress Wealth Management LLC DE lifted its holdings in shares of Adobe by 4.0% during the fourth quarter. Congress Wealth Management LLC DE now owns 7,128 shares of the software company’s stock worth $3,170,000 after buying an additional 272 shares in the last quarter. Finally, Financial Engines Advisors L.L.C. raised its stake in Adobe by 381.0% in the 4th quarter. Financial Engines Advisors L.L.C. now owns 2,559 shares of the software company’s stock worth $1,138,000 after purchasing an additional 2,027 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Down 0.2%

Shares of NASDAQ ADBE opened at $371.69 on Friday. 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 firm has a market cap of $157.67 billion, a PE ratio of 23.78, a P/E/G ratio of 1.77 and a beta of 1.51. The company’s fifty day simple moving average is $391.94 and its 200 day simple moving average is $401.19. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE) last issued its 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 company had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same period last year, the business posted $4.48 EPS. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of recent research reports. Rothschild & Co Redburn lowered Adobe from a “neutral” rating to a “sell” rating and set a $280.00 price objective on the stock. in a research note on Wednesday, July 2nd. Jefferies Financial Group cut their price objective on shares of Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research report on Monday, March 31st. UBS Group raised 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. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Monday, June 23rd. Finally, Stifel Nicolaus reduced their price target on shares of Adobe from $525.00 to $480.00 and set a “buy” rating on the stock in a research report on Friday, June 13th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, fifteen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus 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.