Hoey Investments Inc. boosted its position in Adobe Inc (NASDAQ:ADBE) by 16.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,797 shares of the software company’s stock after buying an additional 1,541 shares during the quarter. Adobe accounts for approximately 2.3% of Hoey Investments Inc.’s holdings, making the stock its 9th biggest holding. Hoey Investments Inc.’s holdings in Adobe were worth $4,700,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of ADBE. Nicholas Hoffman & Company LLC. increased its position in shares of Adobe by 2.6% during the first quarter. Nicholas Hoffman & Company LLC. now owns 1,131 shares of the software company’s stock worth $360,000 after acquiring an additional 29 shares during the last quarter. Laurel Wealth Advisors LLC boosted its holdings in Adobe by 50.0% in the first quarter. Laurel Wealth Advisors LLC now owns 96 shares of the software company’s stock valued at $31,000 after purchasing an additional 32 shares during the last quarter. GFG Capital LLC grew its stake in Adobe by 1.1% during the 1st quarter. GFG Capital LLC now owns 3,015 shares of the software company’s stock valued at $959,000 after purchasing an additional 33 shares in the last quarter. Frisch Financial Group Inc. increased its holdings in Adobe by 2.7% during the 1st quarter. Frisch Financial Group Inc. now owns 1,255 shares of the software company’s stock worth $399,000 after purchasing an additional 33 shares during the last quarter. Finally, Virtus ETF Advisers LLC raised its position in shares of Adobe by 23.1% in the 1st quarter. Virtus ETF Advisers LLC now owns 181 shares of the software company’s stock valued at $58,000 after purchasing an additional 34 shares in the last quarter. 84.25% of the stock is owned by institutional investors.
ADBE has been the subject of a number of research analyst reports. Royal Bank of Canada lifted their price target on shares of Adobe from $325.00 to $440.00 and gave the stock an “outperform” rating in a research note on Friday, June 12th. Morgan Stanley boosted their target price on shares of Adobe from $375.00 to $450.00 and gave the stock an “overweight” rating in a research report on Friday, June 12th. Griffin Securities boosted their price objective on Adobe from $334.00 to $427.00 and gave the company a “buy” rating in a report on Friday, June 12th. JPMorgan Chase & Co. increased their target price on Adobe from $325.00 to $430.00 and gave the stock an “overweight” rating in a report on Friday, June 12th. Finally, BidaskClub upgraded Adobe from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, June 17th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $407.43.
ADBE traded up $2.84 during trading on Friday, reaching $463.68. The stock had a trading volume of 1,272,443 shares, compared to its average volume of 3,119,008. Adobe Inc has a 1-year low of $255.13 and a 1-year high of $463.80. The firm has a market capitalization of $219.53 billion, a price-to-earnings ratio of 60.99, a price-to-earnings-growth ratio of 3.55 and a beta of 0.93. The stock has a 50 day moving average of $410.64 and a two-hundred day moving average of $358.53. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.38.
Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 11th. The software company reported $2.45 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.33 by $0.12. The company had revenue of $3.13 billion during the quarter, compared to analyst estimates of $3.16 billion. Adobe had a net margin of 30.72% and a return on equity of 35.53%. The business’s revenue for the quarter was up 14.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.83 EPS. On average, research analysts forecast that Adobe Inc will post 8.05 EPS for the current fiscal year.
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
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