Letko Brosseau & Associates Inc. Purchases New Holdings in Adobe Inc. (NASDAQ:ADBE)

Letko Brosseau & Associates Inc. acquired a new position in Adobe Inc. (NASDAQ:ADBE) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 160,141 shares of the software company’s stock, valued at approximately $61,419,000.

Several other institutional investors also recently modified their holdings of ADBE. Garde Capital Inc. bought a new position in shares of Adobe during the 1st quarter worth about $34,000. PFG Advisors raised its position in Adobe by 20.8% in the first quarter. PFG Advisors now owns 4,964 shares of the software company’s stock worth $1,904,000 after purchasing an additional 855 shares in the last quarter. Krane Funds Advisors LLC raised its stake in Adobe by 110.4% during the first quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company’s stock worth $533,000 after acquiring an additional 730 shares in the last quarter. Burling Wealth Partners LLC acquired a new position in Adobe in the fourth quarter valued at about $1,173,000. Finally, Financial Counselors Inc. grew its stake in Adobe by 9.2% during the first quarter. Financial Counselors Inc. now owns 62,851 shares of the software company’s stock worth $24,105,000 after buying an additional 5,298 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of NASDAQ ADBE opened at $370.70 on Wednesday. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a market cap of $157.25 billion, a price-to-earnings ratio of 23.72, a P/E/G ratio of 1.75 and a beta of 1.51. The stock’s fifty day moving average price is $389.05 and its two-hundred day moving average price is $400.11. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same quarter in the previous year, the firm posted $4.48 EPS. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. Robert W. Baird lifted their target price on shares of Adobe from $410.00 to $425.00 and gave the company a “neutral” rating in a research note on Monday, June 16th. Redburn Atlantic cut Adobe from a “hold” rating to a “strong sell” rating and dropped their price target for the company from $420.00 to $280.00 in a report on Wednesday, July 2nd. Mizuho reduced their price objective on Adobe from $575.00 to $530.00 and set an “outperform” rating on the stock in a research note on Friday, June 13th. Wells Fargo & Company restated an “overweight” rating and issued a $470.00 target price (up from $430.00) on shares of Adobe in a research note on Friday, June 13th. Finally, Wall Street Zen raised Adobe from a “hold” rating to a “buy” rating in a report on Saturday. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target 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.