Welch & Forbes LLC Purchases 1,344 Shares of Adobe Inc. (NASDAQ:ADBE)

Welch & Forbes LLC boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1.1% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 118,256 shares of the software company’s stock after acquiring an additional 1,344 shares during the period. Welch & Forbes LLC’s holdings in Adobe were worth $45,355,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently modified their holdings of the company. Sepio Capital LP increased its holdings in shares of Adobe by 2.3% in the 4th quarter. Sepio Capital LP now owns 993 shares of the software company’s stock worth $442,000 after buying an additional 22 shares during the last quarter. Cadence Bank increased its stake in Adobe by 0.5% in the fourth 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 during the last quarter. Eagle Strategies LLC raised its position in Adobe by 1.5% during the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company’s stock valued at $651,000 after purchasing an additional 22 shares in the last quarter. RB Capital Management LLC lifted its stake in Adobe by 0.4% during the fourth 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 holdings in shares of Adobe by 3.8% in 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 in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on ADBE. Oppenheimer decreased their price objective on Adobe from $530.00 to $500.00 and set an “outperform” rating on the stock in a report on Friday, June 13th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Monday, June 23rd. Bank of America upped their price objective on shares of Adobe from $424.00 to $475.00 and gave the company a “buy” rating in a research note on Friday, June 13th. Citigroup decreased their target price on shares of Adobe from $465.00 to $450.00 and set a “neutral” rating on the stock in a research report on Monday, June 16th. Finally, Morgan Stanley cut their price target on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $473.88.

Adobe Stock Performance

Adobe stock opened at $364.18 on Wednesday. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The stock’s 50 day simple moving average is $395.36 and its two-hundred day simple moving average is $404.39. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The stock has a market cap of $154.49 billion, a price-to-earnings ratio of 23.30, a PEG ratio of 1.74 and a beta of 1.51.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, topping the consensus estimate of $4.97 by $0.09. The company had revenue of $5.87 billion for the quarter, compared to analysts’ expectations of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The firm’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the prior year, the firm earned $4.48 earnings per share. As a group, analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.