Mayflower Financial Advisors LLC Boosts Position in Adobe Inc. (NASDAQ:ADBE)

Mayflower Financial Advisors LLC boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 8.2% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 2,701 shares of the software company’s stock after purchasing an additional 205 shares during the quarter. Mayflower Financial Advisors LLC’s holdings in Adobe were worth $1,036,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of ADBE. Allen Capital Group LLC lifted its position in shares of Adobe by 41.2% during the first quarter. Allen Capital Group LLC now owns 6,021 shares of the software company’s stock worth $2,309,000 after purchasing an additional 1,757 shares in the last quarter. Welch & Forbes LLC lifted its position in shares of Adobe by 1.1% during the first quarter. Welch & Forbes LLC now owns 118,256 shares of the software company’s stock worth $45,355,000 after purchasing an additional 1,344 shares in the last quarter. Cable Hill Partners LLC lifted its position in shares of Adobe by 11.9% during the first quarter. Cable Hill Partners LLC now owns 1,283 shares of the software company’s stock worth $481,000 after purchasing an additional 136 shares in the last quarter. Cullen Frost Bankers Inc. lifted its position in shares of Adobe by 2.4% during the first quarter. Cullen Frost Bankers Inc. now owns 57,231 shares of the software company’s stock worth $21,950,000 after purchasing an additional 1,357 shares in the last quarter. Finally, Parcion Private Wealth LLC lifted its position in shares of Adobe by 58.7% during the first quarter. Parcion Private Wealth LLC now owns 1,462 shares of the software company’s stock worth $561,000 after purchasing an additional 541 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on the stock. Rothschild & Co Redburn cut shares of Adobe from a “neutral” rating to a “sell” rating and set a $280.00 target price on the stock. in a research report on Wednesday, July 2nd. Mizuho reduced their target price on shares of Adobe from $575.00 to $530.00 and set an “outperform” rating on the stock in a research report on Friday, June 13th. Wall Street Zen raised shares of Adobe from a “hold” rating to a “buy” rating in a research report on Thursday, May 22nd. UBS Group raised their price target on shares of Adobe from $380.00 to $430.00 and gave the stock a “neutral” rating in a research report on Monday, June 9th. Finally, DA Davidson reissued a “buy” rating and set a $500.00 price target on shares of Adobe in a research report on Friday, June 20th. Two investment 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’s stock. According to MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average target price of $473.88.

Adobe Stock Performance

Shares of ADBE opened at $361.77 on Thursday. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The company has a market cap of $153.46 billion, a price-to-earnings ratio of 23.15, a price-to-earnings-growth ratio of 1.73 and a beta of 1.51. 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 firm has a fifty day moving average of $394.90 and a 200-day moving average of $404.10.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.97 by $0.09. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same quarter in the previous year, the company posted $4.48 earnings per share. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. As a group, equities analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

About Adobe

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.