Evernest Financial Advisors LLC Buys 62 Shares of Adobe Inc. (NASDAQ:ADBE)

Evernest Financial Advisors LLC increased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 7.1% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 931 shares of the software company’s stock after buying an additional 62 shares during the period. Evernest Financial Advisors LLC’s holdings in Adobe were worth $357,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Cadence Bank boosted its holdings in shares of Adobe by 0.5% during the fourth quarter. Cadence Bank now owns 4,883 shares of the software company’s stock worth $2,171,000 after acquiring an additional 22 shares during the period. Eagle Strategies LLC lifted its holdings in Adobe by 1.5% during the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company’s stock worth $651,000 after purchasing an additional 22 shares during the last quarter. RB Capital Management LLC boosted its stake in Adobe by 0.4% in the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company’s stock valued at $2,198,000 after purchasing an additional 22 shares during the period. Orin Green Financial LLC grew its holdings in Adobe by 3.8% in the 4th quarter. Orin Green Financial LLC now owns 621 shares of the software company’s stock valued at $276,000 after buying an additional 23 shares in the last quarter. Finally, Diligent Investors LLC increased its position in Adobe by 1.2% during the 4th quarter. Diligent Investors LLC now owns 2,160 shares of the software company’s stock worth $961,000 after buying an additional 26 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on ADBE. BMO Capital Markets restated an “outperform” rating and issued a $450.00 price target on shares of Adobe in a research note on Friday, June 13th. Bank of America increased their target price on shares of Adobe from $424.00 to $475.00 and gave the stock a “buy” rating in a research report on Friday, June 13th. Morgan Stanley dropped their price target on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Mizuho reduced their price target on Adobe from $575.00 to $530.00 and set an “outperform” rating on the stock in a research report on Friday, June 13th. Finally, Citigroup lowered their price objective on Adobe from $465.00 to $450.00 and set a “neutral” rating on the stock in a research note on Monday, June 16th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $473.88.

Adobe Stock Performance

Shares of Adobe stock opened at $345.62 on Thursday. The company’s 50 day moving average price is $381.52 and its two-hundred day moving average price is $397.33. The firm has a market capitalization of $146.61 billion, a P/E ratio of 22.11, a P/E/G ratio of 1.61 and a beta of 1.51. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week 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 EPS for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $5.80 billion. During the same period in the prior year, the company earned $4.48 EPS. Adobe’s revenue was up 10.6% compared to the same quarter last year. On average, equities analysts forecast 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.