Adobe Inc. (NASDAQ:ADBE) Shares Bought by Solidarity Wealth LLC

by · The Cerbat Gem

Solidarity Wealth LLC raised its position in Adobe Inc. (NASDAQ:ADBE – Free Report) by 3.0% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 16,745 shares of the software company’s stock after acquiring an additional 491 shares during the period. Adobe makes up 1.6% of Solidarity Wealth LLC’s investment portfolio, making the stock its 22nd largest holding. Solidarity Wealth LLC’s holdings in Adobe were worth $6,422,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Garde Capital Inc. acquired a new position in shares of Adobe in the first quarter valued at approximately $34,000. PFG Advisors grew its holdings in Adobe by 20.8% in the first quarter. PFG Advisors now owns 4,964 shares of the software company’s stock valued at $1,904,000 after purchasing an additional 855 shares during the period. Krane Funds Advisors LLC grew its holdings in Adobe by 110.4% in the first quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company’s stock valued at $533,000 after purchasing an additional 730 shares during the period. Burling Wealth Partners LLC purchased a new position in shares of Adobe in the 4th quarter valued at $1,173,000. Finally, Financial Counselors Inc. raised its stake 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 period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

ADBE stock opened at $370.74 on Monday. 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 $157.27 billion, a P/E ratio of 23.72, a P/E/G ratio of 1.76 and a beta of 1.51. The firm has a 50 day simple moving average of $391.01 and a 200 day simple moving average of $400.57. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75.

Adobe (NASDAQ:ADBE – Get Free Report) last posted its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping the consensus estimate of $4.97 by $0.09. The business had revenue of $5.87 billion during the quarter, compared to analysts’ expectations of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period last year, the company posted $4.48 earnings per share. Research analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. Citigroup cut their target price on shares of Adobe from $465.00 to $450.00 and set a “neutral” rating on the stock in a research note on Monday, June 16th. Mizuho cut their target price on shares of Adobe from $575.00 to $530.00 and set an “outperform” rating on the stock in a research note on Friday, June 13th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Monday, June 23rd. Jefferies Financial Group decreased their target price on shares of Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research note on Monday, March 31st. Finally, Wall Street Zen upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research note on Saturday. Two 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 company’s stock. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average target price of $473.88.

Read Our Latest Stock Report on ADBE

About Adobe

(Free Report)

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.

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