Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Savvy Advisors Inc.

Savvy Advisors Inc. boosted its position in Adobe Inc. (NASDAQ:ADBE) by 47.1% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 2,157 shares of the software company’s stock after acquiring an additional 691 shares during the quarter. Savvy Advisors Inc.’s holdings in Adobe were worth $827,000 as of its most recent SEC filing.

A number of other institutional investors have also recently added to or reduced their stakes in ADBE. Brighton Jones LLC lifted its holdings in Adobe by 2.1% in the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock worth $3,588,000 after buying an additional 167 shares in the last quarter. Bank Pictet & Cie Europe AG increased its position in shares of Adobe by 2.7% in the 4th 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. CenterBook Partners LP bought a new stake in shares of Adobe in the 4th quarter worth about $531,000. Covestor Ltd increased its position in shares of Adobe by 6.0% in the 4th quarter. Covestor Ltd now owns 493 shares of the software company’s stock worth $220,000 after purchasing an additional 28 shares during the last quarter. Finally, Texas Capital Bank Wealth Management Services Inc increased its position in shares of Adobe by 5.5% in the 4th quarter. Texas Capital Bank Wealth Management Services Inc now owns 860 shares of the software company’s stock worth $382,000 after purchasing an additional 45 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Stifel Nicolaus dropped their target price on shares of Adobe from $525.00 to $480.00 and set a “buy” rating for the company in a research report on Friday, June 13th. Piper Sandler dropped their target price on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. Morgan Stanley dropped their target price 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. Bank of America boosted their price objective on shares of Adobe from $424.00 to $475.00 and gave the company a “buy” rating in a research report on Friday, June 13th. Finally, Citigroup lowered their price objective on shares of Adobe from $465.00 to $450.00 and set a “neutral” rating for the company in a research report on Monday, June 16th. 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 company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $473.88.

Adobe Trading Up 0.8%

Adobe stock opened at $341.05 on Friday. The firm has a 50 day simple moving average of $378.55 and a 200-day simple moving average of $396.05. 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 stock has a market capitalization of $144.67 billion, a PE ratio of 21.82, a price-to-earnings-growth ratio of 1.60 and a beta of 1.51. Adobe Inc. has a 12-month low of $332.01 and a 12-month 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 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 net margin of 30.39% and a return on equity of 53.68%. The business’s revenue was up 10.6% on a year-over-year basis. During the same period last year, the firm posted $4.48 earnings per share. As a group, equities research analysts expect that Adobe Inc. will post 16.65 EPS for the current fiscal 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.