University of Texas Texas AM Investment Management Co. Acquires 3,907 Shares of Adobe Inc. (NASDAQ:ADBE)

University of Texas Texas AM Investment Management Co. raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 79.7% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,808 shares of the software company’s stock after acquiring an additional 3,907 shares during the period. University of Texas Texas AM Investment Management Co.’s holdings in Adobe were worth $3,378,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of ADBE. Brighton Jones LLC grew its holdings 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 purchasing an additional 167 shares during the last quarter. Bank Pictet & Cie Europe AG grew its holdings 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 worth $12,882,000 after purchasing an additional 756 shares during the last quarter. GHE LLC grew its holdings in shares of Adobe by 2.9% in the fourth quarter. GHE LLC now owns 23,577 shares of the software company’s stock worth $10,484,000 after purchasing an additional 670 shares during the last quarter. New Age Alpha Advisors LLC bought a new position in shares of Adobe in the fourth quarter worth approximately $1,158,000. Finally, RiverFront Investment Group LLC grew its holdings in shares of Adobe by 63.2% in the fourth quarter. RiverFront Investment Group LLC now owns 764 shares of the software company’s stock worth $340,000 after purchasing an additional 296 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ADBE. Phillip Securities upgraded shares of Adobe from a “moderate sell” rating to a “strong-buy” rating in a report on Monday, June 16th. Piper Sandler cut their price target on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd. Jefferies Financial Group cut their price target on shares of Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Oppenheimer cut their price target on shares of Adobe from $530.00 to $500.00 and set an “outperform” rating on the stock in a report on Friday, June 13th. Finally, DA Davidson reiterated a “buy” rating and issued a $500.00 price target on shares of Adobe in a report on Friday, June 20th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $473.88.

Adobe Price Performance

ADBE opened at $370.74 on Monday. The firm has a market cap of $157.27 billion, a PE ratio of 23.72, a P/E/G ratio of 1.76 and a beta of 1.51. The stock has a 50-day moving average price of $391.01 and a 200-day moving average price of $400.57. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99.

Adobe (NASDAQ:ADBE) last announced 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 for the quarter, compared to analysts’ expectations 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% compared to the same quarter last year. During the same quarter in the previous year, the business posted $4.48 EPS. Sell-side analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Adobe Profile

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.