Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Dakota Wealth Management

by · The Markets Daily

Dakota Wealth Management increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 16.1% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 19,414 shares of the software company’s stock after acquiring an additional 2,699 shares during the period. Dakota Wealth Management’s holdings in Adobe were worth $7,446,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Garde Capital Inc. acquired a new stake in shares of Adobe during the 1st quarter valued at about $34,000. Krane Funds Advisors LLC grew its position in shares of Adobe by 110.4% during the 1st quarter. Krane Funds Advisors LLC now owns 1,391 shares of the software company’s stock valued at $533,000 after acquiring an additional 730 shares during the period. Burling Wealth Partners LLC acquired a new stake in shares of Adobe during the 4th quarter valued at about $1,173,000. Financial Counselors Inc. grew its position in shares of Adobe by 9.2% during 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. Finally, Summit Trail Advisors LLC boosted its holdings in Adobe by 36.2% in the 1st quarter. Summit Trail Advisors LLC now owns 9,719 shares of the software company’s stock worth $3,728,000 after buying an additional 2,583 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the company. UBS Group lifted their price objective on Adobe from $380.00 to $430.00 and gave the stock a “neutral” rating in a report on Monday, June 9th. Wells Fargo & Company reiterated an “overweight” rating and issued a $470.00 price objective (up from $430.00) on shares of Adobe in a report on Friday, June 13th. Mizuho lowered their price objective on Adobe from $575.00 to $530.00 and set an “outperform” rating on the stock in a report on Friday, June 13th. Phillip Securities raised shares of Adobe from a “moderate sell” rating to a “strong-buy” rating in a research note on Monday, June 16th. Finally, Evercore ISI reissued an “outperform” rating and issued a $475.00 target price on shares of Adobe in a research note on Friday, June 13th. Two 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. According to MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus target price of $473.88.

Read Our Latest Report on Adobe

Adobe Stock Down 2.2%

Shares of NASDAQ ADBE opened at $363.35 on Monday. The firm has a market cap of $154.13 billion, a price-to-earnings ratio of 23.25, a PEG ratio of 1.72 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 Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The business’s 50 day moving average is $396.03 and its two-hundred day moving average is $405.23.

Adobe (NASDAQ:ADBE – Get Free Report) last announced its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.97 by $0.09. The company 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%. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $4.48 earnings per share. Research analysts predict 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.

Further Reading

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