Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Saturna Capital Corp

by · The Markets Daily

Saturna Capital Corp boosted its position in Adobe Inc. (NASDAQ:ADBE – Free Report) by 0.7% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 341,560 shares of the software company’s stock after purchasing an additional 2,335 shares during the period. Adobe comprises approximately 2.0% of Saturna Capital Corp’s holdings, making the stock its 20th largest position. Saturna Capital Corp owned about 0.08% of Adobe worth $130,999,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in ADBE. Hardy Reed LLC boosted its position in Adobe by 60.3% during the first quarter. Hardy Reed LLC now owns 5,880 shares of the software company’s stock worth $2,255,000 after acquiring an additional 2,211 shares during the last quarter. Kingsview Wealth Management LLC lifted its holdings in shares of Adobe by 16.3% during the 1st quarter. Kingsview Wealth Management LLC now owns 21,670 shares of the software company’s stock valued at $8,311,000 after acquiring an additional 3,044 shares in the last quarter. Dynasty Wealth Management LLC lifted its holdings in shares of Adobe by 19.6% during the 1st quarter. Dynasty Wealth Management LLC now owns 4,923 shares of the software company’s stock valued at $1,888,000 after acquiring an additional 806 shares in the last quarter. Mayflower Financial Advisors LLC lifted its holdings in shares of Adobe by 8.2% during the 1st quarter. Mayflower Financial Advisors LLC now owns 2,701 shares of the software company’s stock valued at $1,036,000 after acquiring an additional 205 shares in the last quarter. Finally, Allen Capital Group LLC increased its stake in Adobe by 41.2% during the 1st quarter. Allen Capital Group LLC now owns 6,021 shares of the software company’s stock worth $2,309,000 after buying an additional 1,757 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Up 1.3%

NASDAQ ADBE opened at $366.45 on Friday. 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 company’s 50 day simple moving average is $394.55 and its 200 day simple moving average is $403.55. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The company has a market capitalization of $155.45 billion, a P/E ratio of 23.45, a PEG ratio of 1.72 and a beta of 1.51.

Adobe (NASDAQ:ADBE – Get Free Report) last released its earnings results on Thursday, June 12th. The software company reported $5.06 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 business had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. During the same period in the previous year, the firm earned $4.48 EPS. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. Equities research analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ADBE. Stifel Nicolaus dropped their price target on shares of Adobe from $525.00 to $480.00 and set a “buy” rating on the stock in a research note on Friday, June 13th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $480.00 price target on shares of Adobe in a research note on Thursday, June 5th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Monday, June 23rd. DA Davidson reaffirmed a “buy” rating and set a $500.00 price target on shares of Adobe in a research note on Friday, June 20th. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $450.00 target price 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 issued a hold rating, sixteen have given a buy rating and two have given 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 price target of $473.88.

Read Our Latest Research Report on ADBE

Adobe 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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