First Horizon Advisors Inc. Buys 4,174 Shares of Adobe Inc. (NASDAQ:ADBE)

by · The Cerbat Gem

First Horizon Advisors Inc. increased its stake in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 9.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 46,847 shares of the software company’s stock after buying an additional 4,174 shares during the quarter. First Horizon Advisors Inc.’s holdings in Adobe were worth $17,967,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Geode Capital Management LLC boosted its stake in shares of Adobe by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock valued at $4,739,788,000 after purchasing an additional 151,286 shares in the last quarter. Norges Bank bought a new position in Adobe during the 4th quarter valued at about $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Adobe by 12.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company’s stock valued at $2,375,345,000 after buying an additional 600,146 shares in the last quarter. Northern Trust Corp grew its stake in Adobe by 14.5% during the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company’s stock worth $2,363,125,000 after buying an additional 672,919 shares during the last quarter. Finally, Edgewood Management LLC increased its holdings in shares of Adobe by 20.7% during the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock worth $1,805,009,000 after buying an additional 696,172 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the subject of a number of recent analyst reports. UBS Group raised their price target on Adobe from $380.00 to $430.00 and gave the company a “neutral” rating in a report on Monday, June 9th. BMO Capital Markets reiterated an “outperform” rating and issued a $450.00 price objective on shares of Adobe in a research report on Friday, June 13th. Morgan Stanley lowered 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. DA Davidson reiterated a “buy” rating and issued a $500.00 price objective on shares of Adobe in a report on Friday, June 20th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Monday, June 23rd. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $480.08.

Read Our Latest Stock Report on ADBE

Adobe Stock Performance

Shares of Adobe stock opened at $378.47 on Thursday. 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 firm has a market cap of $160.55 billion, a price-to-earnings ratio of 24.21, a price-to-earnings-growth ratio of 1.86 and a beta of 1.51. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The stock’s 50-day moving average is $395.48 and its 200-day moving average is $409.36.

Adobe (NASDAQ:ADBE – Get Free Report) last released its earnings results 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 business had revenue of $5.87 billion for the quarter, compared to analyst estimates 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% on a year-over-year basis. During the same quarter in the prior year, the company posted $4.48 earnings per share. Equities analysts predict that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Adobe Company Profile

(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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