Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Moran Wealth Management LLC

Moran Wealth Management LLC raised its position in shares of Adobe Inc. (NASDAQ:ADBE) by 6.5% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,402 shares of the software company’s stock after acquiring an additional 86 shares during the quarter. Moran Wealth Management LLC’s holdings in Adobe were worth $538,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in ADBE. Siemens Fonds Invest GmbH raised its holdings in shares of Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after acquiring an additional 39,888 shares during the last quarter. SWAN Capital LLC acquired a new stake in shares of Adobe in the fourth quarter valued at approximately $28,000. Copia Wealth Management acquired a new stake in shares of Adobe in the fourth quarter valued at approximately $28,000. Summit Securities Group LLC acquired a new stake in shares of Adobe in the fourth quarter valued at approximately $31,000. Finally, Garde Capital Inc. acquired a new stake in shares of Adobe in the first quarter valued at approximately $34,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the subject of several recent research reports. Robert W. Baird increased their price target on Adobe from $410.00 to $425.00 and gave the company a “neutral” rating in a report on Monday, June 16th. Evercore ISI reaffirmed an “outperform” rating and issued a $475.00 price target on shares of Adobe in a report on Friday, June 13th. Citigroup cut their price target on Adobe from $465.00 to $450.00 and set a “neutral” rating for the company in a report on Monday, June 16th. Stifel Nicolaus cut their price target on Adobe from $525.00 to $480.00 and set a “buy” rating for the company in a report on Friday, June 13th. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $450.00 price target on shares of Adobe in a report on Friday, June 13th. Nine investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $496.75.

Adobe Trading Up 0.2%

ADBE opened at $385.83 on Friday. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The business has a fifty day simple moving average of $393.23 and a 200-day simple moving average of $411.65. The firm has a market cap of $163.67 billion, a P/E ratio of 24.69, a P/E/G ratio of 1.82 and a beta of 1.55. The company has a quick ratio of 1.18, a current ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE) last released its quarterly 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 return on equity of 53.68% and a net margin of 30.39%. The business had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. During the same period last year, the business posted $4.48 earnings per share. The company’s quarterly revenue was up 10.6% on a year-over-year basis. On average, equities 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.