Brookstone Capital Management Has $4.24 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Brookstone Capital Management grew its position in Adobe Inc. (NASDAQ:ADBE) by 132.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 11,046 shares of the software company’s stock after acquiring an additional 6,288 shares during the quarter. Brookstone Capital Management’s holdings in Adobe were worth $4,236,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of ADBE. Brighton Jones LLC boosted its holdings in Adobe by 2.1% during the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock valued at $3,588,000 after purchasing an additional 167 shares in the last quarter. Bank Pictet & Cie Europe AG boosted its stake in Adobe by 2.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company’s stock valued at $12,882,000 after buying an additional 756 shares in the last quarter. GHE LLC grew its position in Adobe by 2.9% in the fourth quarter. GHE LLC now owns 23,577 shares of the software company’s stock valued at $10,484,000 after acquiring an additional 670 shares during the period. Proficio Capital Partners LLC raised its stake in Adobe by 85.8% during the fourth quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company’s stock worth $1,043,000 after acquiring an additional 1,083 shares in the last quarter. Finally, Destination Wealth Management lifted its holdings in shares of Adobe by 44.2% during the fourth quarter. Destination Wealth Management now owns 1,236 shares of the software company’s stock valued at $550,000 after acquiring an additional 379 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

ADBE stock opened at $379.56 on Friday. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The company has a market cap of $161.01 billion, a P/E ratio of 24.28, a price-to-earnings-growth ratio of 1.80 and a beta of 1.51. The business’s fifty day moving average is $396.09 and its 200-day moving average is $408.04.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $5.80 billion. During the same quarter in the prior year, the company posted $4.48 earnings per share. The firm’s revenue was up 10.6% on a year-over-year basis. Equities research analysts forecast that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. BMO Capital Markets reaffirmed an “outperform” rating and issued a $450.00 target price on shares of Adobe in a report on Friday, June 13th. Morgan Stanley decreased their price objective on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Evercore ISI reiterated an “outperform” rating and issued a $475.00 target price on shares of Adobe in a research note on Friday, June 13th. Stifel Nicolaus reduced their target price on Adobe from $525.00 to $480.00 and set a “buy” rating on the stock in a report on Friday, June 13th. Finally, Oppenheimer dropped their price target on Adobe from $530.00 to $500.00 and set an “outperform” rating for the company in a report on Friday, June 13th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $480.08.

Adobe 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.