Abbot Financial Management Inc. Invests $744,000 in Adobe Inc. (NASDAQ:ADBE)

Abbot Financial Management Inc. bought a new stake in Adobe Inc. (NASDAQ:ADBE) during the first quarter, Holdings Channel.com reports. The fund bought 1,939 shares of the software company’s stock, valued at approximately $744,000.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Brio Consultants LLC bought a new position in shares of Adobe in the 1st quarter worth $3,529,000. Galvin Gaustad & Stein LLC bought a new stake in shares of Adobe during the 1st quarter worth $318,000. University of Texas Texas AM Investment Management Co. grew its position in Adobe by 79.7% in the first quarter. University of Texas Texas AM Investment Management Co. now owns 8,808 shares of the software company’s stock worth $3,378,000 after acquiring an additional 3,907 shares in the last quarter. Metis Global Partners LLC increased its stake in Adobe by 9.7% in the first quarter. Metis Global Partners LLC now owns 29,577 shares of the software company’s stock valued at $11,344,000 after acquiring an additional 2,616 shares during the last quarter. Finally, First National Advisers LLC raised its position in Adobe by 0.9% during the first quarter. First National Advisers LLC now owns 11,445 shares of the software company’s stock valued at $4,390,000 after purchasing an additional 103 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on ADBE shares. Bank of America increased their price objective on Adobe from $424.00 to $475.00 and gave the company a “buy” rating in a research report on Friday, June 13th. Evercore ISI reaffirmed an “outperform” rating and issued a $475.00 target price on shares of Adobe in a research note on Friday, June 13th. Phillip Securities raised shares of Adobe from a “moderate sell” rating to a “strong-buy” rating in a research note on Monday, June 16th. Mizuho lowered their price objective on shares of Adobe from $575.00 to $530.00 and set an “outperform” rating for the company in a report on Friday, June 13th. Finally, Redburn Atlantic lowered shares of Adobe from a “hold” rating to a “strong sell” rating and reduced their target price for the company from $420.00 to $280.00 in a report on Wednesday, July 2nd. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $473.88.

Adobe Stock Down 0.3%

Shares of NASDAQ ADBE opened at $370.74 on Monday. The firm has a fifty day simple moving average of $391.01 and a two-hundred day simple moving average of $400.57. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $157.27 billion, a PE ratio of 23.72, a price-to-earnings-growth ratio of 1.76 and a beta of 1.51.

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