830 Shares in Adobe Inc. (NASDAQ:ADBE) Bought by Galvin Gaustad & Stein LLC

Galvin Gaustad & Stein LLC purchased a new position in shares of Adobe Inc. (NASDAQ:ADBE) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 830 shares of the software company’s stock, valued at approximately $318,000.

Other large investors have also recently bought and sold shares of the company. Geode Capital Management LLC raised its holdings in Adobe by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock worth $4,739,788,000 after purchasing an additional 151,286 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Adobe by 14.4% during the first quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company’s stock worth $2,504,685,000 after purchasing an additional 821,293 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in Adobe by 12.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company’s stock worth $2,375,345,000 after purchasing an additional 600,146 shares in the last quarter. Northern Trust Corp raised its holdings in Adobe by 14.5% during the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company’s stock worth $2,363,125,000 after purchasing an additional 672,919 shares in the last quarter. Finally, Edgewood Management LLC raised its holdings in Adobe by 20.7% during the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock worth $1,805,009,000 after purchasing an additional 696,172 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on ADBE shares. Citigroup cut their price target on shares of Adobe from $465.00 to $450.00 and set a “neutral” rating for the company in a report on Monday, June 16th. BMO Capital Markets reiterated an “outperform” rating and issued a $450.00 price target on shares of Adobe in a report on Friday, June 13th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $480.00 price target on shares of Adobe in a report on Thursday, June 5th. Evercore ISI reiterated an “outperform” rating and issued a $475.00 price target on shares of Adobe in a report on Friday, June 13th. Finally, Piper Sandler cut their price target on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $473.88.

Adobe Stock Performance

Shares of NASDAQ ADBE opened at $369.47 on Tuesday. The company has a market cap of $156.73 billion, a PE ratio of 23.64, a price-to-earnings-growth ratio of 1.76 and a beta of 1.51. Adobe Inc. has a 12 month low of $332.01 and a 12 month 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. The company has a 50-day simple moving average of $389.99 and a 200-day simple moving average of $400.32.

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

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.