Wealthfront Advisers LLC Grows Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

by · The Cerbat Gem

Wealthfront Advisers LLC grew its holdings in Adobe Inc. (NASDAQ:ADBEFree Report) by 8.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,403 shares of the software company’s stock after purchasing an additional 3,594 shares during the quarter. Wealthfront Advisers LLC’s holdings in Adobe were worth $18,564,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Copia Wealth Management purchased a new stake in shares of Adobe in the fourth quarter valued at about $28,000. SWAN Capital LLC acquired a new position in Adobe during the fourth quarter worth about $28,000. Barnes Dennig Private Wealth Management LLC acquired a new position in Adobe during the first quarter worth about $26,000. Summit Securities Group LLC acquired a new stake in shares of Adobe in the fourth quarter valued at approximately $31,000. Finally, Bernard Wealth Management Corp. acquired a new stake in shares of Adobe in the fourth quarter valued at approximately $36,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on ADBE shares. Redburn Atlantic lowered shares of Adobe from a “hold” rating to a “strong sell” rating and decreased their price objective for the stock from $420.00 to $280.00 in a report on Wednesday, July 2nd. Phillip Securities upgraded shares of Adobe from a “moderate sell” rating to a “strong-buy” rating in a research report on Monday, June 16th. BMO Capital Markets restated an “outperform” rating and set a $450.00 price target on shares of Adobe in a research report on Friday, June 13th. Summit Redstone set a $410.00 price objective on shares of Adobe in a research note on Wednesday, March 19th. Finally, Wall Street Zen raised shares of Adobe from a “hold” rating to a “buy” rating in a research report on Thursday, May 22nd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, sixteen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $473.88.

Check Out Our Latest Stock Analysis on ADBE

Adobe Stock Performance

NASDAQ:ADBE opened at $366.99 on Tuesday. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The stock has a market capitalization of $155.68 billion, a P/E ratio of 23.48, a PEG ratio of 1.72 and a beta of 1.51. The company has a 50 day moving average price of $395.75 and a 200 day moving average price of $404.67.

Adobe (NASDAQ:ADBEGet Free Report) last announced its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $5.80 billion. During the same quarter in the previous year, the business posted $4.48 earnings per share. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. Equities research analysts forecast that Adobe Inc. will post 16.65 EPS for the current 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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