241 Shares in Adobe Inc. (NASDAQ:ADBE) Acquired by N.E.W. Advisory Services LLC

N.E.W. Advisory Services LLC bought a new stake in Adobe Inc. (NASDAQ:ADBE) during the first quarter, HoldingsChannel.com reports. The institutional investor bought 241 shares of the software company’s stock, valued at approximately $92,000.

A number of other institutional investors also recently made changes to their positions in ADBE. Garde Capital Inc. bought a new stake in shares of Adobe in the 1st quarter valued at approximately $34,000. PFG Advisors increased its holdings in shares of Adobe by 20.8% in the 1st quarter. PFG Advisors now owns 4,964 shares of the software company’s stock valued at $1,904,000 after acquiring an additional 855 shares during the last quarter. Krane Funds Advisors LLC increased its holdings in shares of Adobe by 110.4% in the 1st quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company’s stock valued at $533,000 after acquiring an additional 730 shares during the last quarter. Burling Wealth Partners LLC bought a new stake in shares of Adobe in the 4th quarter valued at approximately $1,173,000. Finally, Financial Counselors Inc. increased its holdings in shares of Adobe by 9.2% in the 1st quarter. Financial Counselors Inc. now owns 62,851 shares of the software company’s stock valued at $24,105,000 after acquiring an additional 5,298 shares during the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Trading Down 1.8%

NASDAQ ADBE opened at $364.00 on Thursday. The stock has a 50-day simple moving average of $388.05 and a 200 day simple moving average of $399.86. The company has a market capitalization of $154.41 billion, a PE ratio of 23.29, a P/E/G ratio of 1.76 and a beta of 1.51. 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 12 month low of $332.01 and a 12 month high of $587.75.

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

Wall Street Analysts Forecast Growth

ADBE has been the topic of several analyst reports. Phillip Securities raised Adobe from a “moderate sell” rating to a “strong-buy” rating in a research report on Monday, June 16th. Redburn Atlantic cut Adobe from a “hold” rating to a “strong sell” rating and decreased their price target for the stock from $420.00 to $280.00 in a research note on Wednesday, July 2nd. Robert W. Baird increased their price target on Adobe from $410.00 to $425.00 and gave the stock a “neutral” rating in a research note on Monday, June 16th. Wells Fargo & Company reissued 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. Finally, Morgan Stanley decreased their target price on Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $473.88.

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.