Wellington Shields & Co. LLC Purchases 142 Shares of Adobe Inc. (NASDAQ:ADBE)

Wellington Shields & Co. LLC increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 11.9% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 1,338 shares of the software company’s stock after buying an additional 142 shares during the quarter. Wellington Shields & Co. LLC’s holdings in Adobe were worth $513,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of ADBE. Copia Wealth Management acquired a new stake in Adobe in the 4th quarter valued at $28,000. SWAN Capital LLC acquired a new position in shares of Adobe during the 4th quarter worth about $28,000. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Adobe in the 1st quarter valued at about $26,000. Bernard Wealth Management Corp. acquired a new stake in shares of Adobe in the fourth quarter valued at about $36,000. Finally, Garde Capital Inc. acquired a new stake in shares of Adobe in the first quarter valued at about $34,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Trading Up 0.3%

Shares of NASDAQ:ADBE opened at $370.70 on Wednesday. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The stock has a market cap of $157.25 billion, a PE ratio of 23.72, a P/E/G ratio of 1.75 and a beta of 1.51. The business has a 50 day moving average of $389.05 and a 200-day moving average of $400.11. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54.

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

Wall Street Analysts Forecast Growth

Several brokerages recently commented on ADBE. Rothschild & Co Redburn cut Adobe from a “neutral” rating to a “sell” rating and set a $280.00 price target for the company. in a research report on Wednesday, July 2nd. Morgan Stanley dropped their price objective on Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. UBS Group increased their price objective on Adobe from $380.00 to $430.00 and gave the company a “neutral” rating in a report on Monday, June 9th. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Monday, June 23rd. Finally, Citigroup dropped their price target on shares of Adobe from $465.00 to $450.00 and set a “neutral” rating on the stock in a research report on Monday, June 16th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $473.88.

Adobe Company 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.