Westpac Banking Corp Purchases 4,978 Shares of Adobe Inc. (NASDAQ:ADBE)

Westpac Banking Corp increased its position in Adobe Inc. (NASDAQ:ADBE) by 34.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 19,508 shares of the software company’s stock after acquiring an additional 4,978 shares during the quarter. Westpac Banking Corp’s holdings in Adobe were worth $7,482,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of the company. Iyo Bank Ltd. boosted its position in shares of Adobe by 7.0% in the first quarter. Iyo Bank Ltd. now owns 34,475 shares of the software company’s stock valued at $13,222,000 after acquiring an additional 2,245 shares during the period. Callan Family Office LLC boosted its position in shares of Adobe by 5.3% in the first quarter. Callan Family Office LLC now owns 9,925 shares of the software company’s stock valued at $3,807,000 after acquiring an additional 500 shares during the period. Tlwm boosted its position in shares of Adobe by 1.5% in the first quarter. Tlwm now owns 2,388 shares of the software company’s stock valued at $916,000 after acquiring an additional 36 shares during the period. Taylor Hoffman Capital Management LLC boosted its position in shares of Adobe by 2.8% in the first quarter. Taylor Hoffman Capital Management LLC now owns 12,155 shares of the software company’s stock valued at $4,658,000 after acquiring an additional 331 shares during the period. Finally, Dillon & Associates Inc. boosted its position in shares of Adobe by 5.5% in the first quarter. Dillon & Associates Inc. now owns 4,189 shares of the software company’s stock valued at $1,609,000 after acquiring an additional 218 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the stock. Evercore ISI reaffirmed an “outperform” rating and issued a $475.00 target price on shares of Adobe in a research note on Friday, June 13th. Wall Street Zen raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Saturday, July 26th. Rothschild & Co Redburn downgraded shares of Adobe from a “neutral” rating to a “sell” rating and set a $280.00 target price on the stock. in a research note on Wednesday, July 2nd. Oppenheimer lowered their target price on shares of Adobe from $530.00 to $500.00 and set an “outperform” rating on the stock in a research note on Friday, June 13th. Finally, Piper Sandler lowered their target price on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $467.58.

Adobe Stock Down 2.2%

Shares of NASDAQ ADBE opened at $333.65 on Tuesday. 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 Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The firm’s fifty day moving average is $377.15 and its 200 day moving average is $394.76. The company has a market cap of $141.53 billion, a price-to-earnings ratio of 21.35, a PEG ratio of 1.62 and a beta of 1.51.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping the consensus estimate of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. During the same period in the previous year, the firm earned $4.48 earnings per share. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. On average, equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current 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.