Guinness Asset Management LTD Boosts Holdings in Adobe Inc. $ADBE

Guinness Asset Management LTD grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 5.3% in the 1st quarter, HoldingsChannel reports. The firm owned 88,006 shares of the software company’s stock after purchasing an additional 4,413 shares during the quarter. Guinness Asset Management LTD’s holdings in Adobe were worth $33,755,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in ADBE. GAMMA Investing LLC boosted its stake in shares of Adobe by 46,806.6% in the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company’s stock valued at $1,147,049,000 after purchasing an additional 2,984,391 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Adobe by 68.3% in the first quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company’s stock valued at $1,754,954,000 after purchasing an additional 1,856,544 shares during the period. Nuveen LLC purchased a new position in shares of Adobe in the first quarter valued at approximately $607,443,000. OVERSEA CHINESE BANKING Corp Ltd boosted its stake in shares of Adobe by 1,482.7% in the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company’s stock valued at $498,000 after purchasing an additional 1,216,351 shares during the period. Finally, Amundi lifted its stake in Adobe by 24.7% in the first quarter. Amundi now owns 4,848,521 shares of the software company’s stock worth $1,782,642,000 after acquiring an additional 961,895 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 0.1%

ADBE stock opened at $350.55 on Friday. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. Adobe Inc. has a twelve month low of $330.04 and a twelve month high of $587.75. The company’s 50 day moving average is $357.92 and its two-hundred day moving average is $380.45. The stock has a market cap of $148.70 billion, a P/E ratio of 22.43, a PEG ratio of 1.66 and a beta of 1.48.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, topping 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 company had revenue of $5.87 billion for the quarter, compared to analysts’ expectations of $5.80 billion. During the same quarter last year, the company earned $4.48 earnings per share. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. Research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ADBE. DA Davidson reiterated a “buy” rating and issued a $500.00 price target on shares of Adobe in a research note on Friday, June 20th. Wells Fargo & Company reiterated an “overweight” rating and issued a $470.00 price target (up previously from $430.00) on shares of Adobe in a research note on Friday, June 13th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Monday, June 23rd. Bank of America lifted their price target on shares of Adobe from $424.00 to $475.00 and gave the stock a “buy” rating in a research note on Friday, June 13th. Finally, Robert W. Baird lifted their price target on shares of Adobe from $410.00 to $425.00 and gave the stock a “neutral” rating in a research note on Monday, June 16th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $444.89.

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.