Meeder Asset Management Inc. Boosts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Meeder Asset Management Inc. increased its stake in Adobe Inc. (NASDAQ:ADBE) by 26.6% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 219 shares of the software company’s stock after buying an additional 46 shares during the quarter. Meeder Asset Management Inc.’s holdings in Adobe were worth $84,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in ADBE. Sepio Capital LP increased its holdings in Adobe by 2.3% during the 4th quarter. Sepio Capital LP now owns 993 shares of the software company’s stock valued at $442,000 after acquiring an additional 22 shares in the last quarter. Cadence Bank increased its holdings in Adobe by 0.5% during the 4th quarter. Cadence Bank now owns 4,883 shares of the software company’s stock valued at $2,171,000 after acquiring an additional 22 shares in the last quarter. Eagle Strategies LLC boosted its stake in shares of Adobe by 1.5% during the 4th quarter. Eagle Strategies LLC now owns 1,465 shares of the software company’s stock worth $651,000 after purchasing an additional 22 shares during the last quarter. RB Capital Management LLC boosted its stake in shares of Adobe by 0.4% during the 4th quarter. RB Capital Management LLC now owns 4,944 shares of the software company’s stock worth $2,198,000 after purchasing an additional 22 shares during the last quarter. Finally, Orin Green Financial LLC boosted its stake in shares of Adobe by 3.8% during the 4th quarter. Orin Green Financial LLC now owns 621 shares of the software company’s stock worth $276,000 after purchasing an additional 23 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 1.8%

Shares of ADBE stock opened at $364.00 on Thursday. The stock has a market cap of $154.41 billion, a price-to-earnings ratio of 23.29, a price-to-earnings-growth ratio of 1.76 and a beta of 1.51. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The firm’s 50 day moving average price is $388.05 and its two-hundred day moving average price is $399.86.

Adobe (NASDAQ:ADBE) last posted its 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. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business had revenue of $5.87 billion for the quarter, compared to analysts’ expectations of $5.80 billion. During the same period in the previous year, the company posted $4.48 earnings per share. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Wall Street Analyst Weigh In

ADBE has been the topic of several analyst reports. BMO Capital Markets reaffirmed an “outperform” rating and set a $450.00 price target on shares of Adobe in a research note on Friday, June 13th. DA Davidson reaffirmed a “buy” rating and set a $500.00 price target on shares of Adobe in a research note on Friday, June 20th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $480.00 price target on shares of Adobe in a research note on Thursday, June 5th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Monday, June 23rd. Finally, Phillip Securities raised shares of Adobe from a “moderate sell” rating to a “strong-buy” rating in a research note on Monday, June 16th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $473.88.

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.