S Bank Fund Management Ltd Purchases New Shares in Adobe Inc. (NASDAQ:ADBE)

S Bank Fund Management Ltd purchased a new stake in Adobe Inc. (NASDAQ:ADBE) during the first quarter, Holdings Channel reports. The institutional investor purchased 4,544 shares of the software company’s stock, valued at approximately $1,743,000.

Other institutional investors have also recently added to or reduced their stakes in the company. GAMMA Investing LLC lifted its holdings in Adobe by 46,806.6% in the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company’s stock valued at $1,147,049,000 after purchasing an additional 2,984,391 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Adobe by 68.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 4,575,792 shares of the software company’s stock worth $1,754,954,000 after acquiring an additional 1,856,544 shares during the period. Nuveen LLC purchased a new position in shares of Adobe during the 1st quarter worth $607,443,000. OVERSEA CHINESE BANKING Corp Ltd increased its position in shares of Adobe by 1,482.7% during the 1st quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 1,298,389 shares of the software company’s stock worth $498,000 after purchasing an additional 1,216,351 shares during the last quarter. Finally, Two Sigma Advisers LP increased its position in shares of Adobe by 1,414.5% during the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company’s stock worth $395,321,000 after purchasing an additional 830,300 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ADBE. BMO Capital Markets reissued an “outperform” rating and set a $450.00 price objective on shares of Adobe in a research report on Friday, June 13th. Redburn Atlantic downgraded Adobe from a “hold” rating to a “strong sell” rating and dropped their target price for the company from $420.00 to $280.00 in a research report on Wednesday, July 2nd. Melius downgraded Adobe from a “hold” rating to a “sell” rating and set a $310.00 target price for the company. in a research report on Monday. UBS Group lifted their target price on Adobe from $380.00 to $430.00 and gave the company a “neutral” rating in a research report on Monday, June 9th. Finally, JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Monday, June 23rd. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $467.58.

Adobe Price Performance

Adobe stock opened at $338.43 on Wednesday. Adobe Inc. has a 12 month low of $330.04 and a 12 month high of $587.75. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The business has a 50 day simple moving average of $375.67 and a 200-day simple moving average of $394.37. The stock has a market capitalization of $143.56 billion, a PE ratio of 21.65, a price-to-earnings-growth ratio of 1.58 and a beta of 1.51.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.97 by $0.09. The firm had revenue of $5.87 billion during 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%. Adobe’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $4.48 earnings per share. Equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current 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.