MCF Advisors LLC raised its stake in Adobe Inc. (NASDAQ:ADBE) by 49.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 355 shares of the software company’s stock after purchasing an additional 117 shares during the period. MCF Advisors LLC’s holdings in Adobe were worth $208,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently bought and sold shares of the company. Baldrige Asset Management LLC acquired a new stake in Adobe in the 2nd quarter valued at about $26,000. Harbour Investments Inc. acquired a new stake in shares of Adobe during the 1st quarter worth about $27,000. Key Financial Inc acquired a new stake in shares of Adobe during the 2nd quarter worth about $29,000. Stuart Chaussee & Associates Inc. acquired a new stake in shares of Adobe during the 1st quarter worth about $33,000. Finally, Summit Wealth Group LLC acquired a new stake in shares of Adobe during the 1st quarter worth about $48,000. 81.67% of the stock is currently owned by institutional investors.
Several brokerages have recently weighed in on ADBE. Guggenheim reissued a “hold” rating on shares of Adobe in a research report on Sunday, June 20th. raised their target price on Adobe from $523.00 to $575.00 and gave the stock a “neutral” rating in a research report on Friday, June 18th. The Goldman Sachs Group lifted their price target on Adobe from $580.00 to $665.00 and gave the stock a “buy” rating in a research report on Friday, June 18th. Morgan Stanley lifted their price target on Adobe from $610.00 to $736.00 and gave the stock an “overweight” rating in a research report on Wednesday. They noted that the move was a valuation call. Finally, BMO Capital Markets lifted their target price on Adobe from $585.00 to $630.00 and gave the company an “outperform” rating in a research note on Friday, June 18th. Five analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $622.54.
ADBE stock opened at $645.01 on Wednesday. The stock has a 50-day moving average price of $633.81 and a two-hundred day moving average price of $548.61. Adobe Inc. has a 12-month low of $420.78 and a 12-month high of $673.88. The company has a current ratio of 1.31, a quick ratio of 1.31 and a debt-to-equity ratio of 0.30. The company has a market cap of $307.28 billion, a PE ratio of 55.89, a price-to-earnings-growth ratio of 3.42 and a beta of 0.97.
Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Wednesday, June 16th. The software company reported $3.03 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $2.81 by $0.22. Adobe had a return on equity of 35.94% and a net margin of 38.79%. The firm had revenue of $3.84 billion during the quarter, compared to the consensus estimate of $3.73 billion. During the same quarter in the previous year, the business earned $2.45 earnings per share. The firm’s quarterly revenue was up 22.7% compared to the same quarter last year. Equities analysts forecast that Adobe Inc. will post 10.28 EPS for the current fiscal year.
Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Light room and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.
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