Latitude Advisors LLC Acquires 347 Shares of Adobe Inc. (NASDAQ:ADBE)

by · The Cerbat Gem

Latitude Advisors LLC grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 62.9% during the first quarter, Holdings Channel reports. The firm owned 899 shares of the software company’s stock after purchasing an additional 347 shares during the period. Latitude Advisors LLC’s holdings in Adobe were worth $345,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of the business. Norges Bank bought a new stake in Adobe during the fourth quarter worth approximately $2,553,035,000. GAMMA Investing LLC grew its stake 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 buying an additional 2,984,391 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its holdings in Adobe by 82.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock worth $937,291,000 after acquiring an additional 952,233 shares during the period. Two Sigma Advisers LP lifted its position in 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 acquiring an additional 830,300 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Adobe in the fourth quarter valued at about $365,750,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Down 3.5%

Shares of NASDAQ:ADBE opened at $378.47 on Thursday. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The company’s 50-day moving average price is $395.48 and its two-hundred day moving average price is $409.36. The firm has a market cap of $160.55 billion, a P/E ratio of 24.21, a P/E/G ratio of 1.86 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 (NASDAQ:ADBE – Get Free Report) last posted its quarterly earnings data 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. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The firm had revenue of $5.87 billion during the quarter, compared to analysts’ expectations of $5.80 billion. During the same quarter in the previous year, the company posted $4.48 EPS. Adobe’s revenue was up 10.6% on a year-over-year basis. As a group, research analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on ADBE shares. Citigroup cut their price objective on Adobe from $465.00 to $450.00 and set a “neutral” rating for the company in a research report on Monday, June 16th. Jefferies Financial Group reduced their price objective on Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Evercore ISI reaffirmed an “outperform” rating and set a $475.00 target price on shares of Adobe in a research report on Friday, June 13th. JPMorgan Chase & Co. cut their target price on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Finally, BMO Capital Markets restated an “outperform” rating and issued a $450.00 price target on shares of Adobe in a research report on Friday, June 13th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $480.08.

View Our Latest Stock Analysis on Adobe

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.

Featured Stories

Want to see what other hedge funds are holding ADBE? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Adobe Inc. (NASDAQ:ADBE – Free Report).