Mitsubishi UFJ Trust & Banking Corp boosted its holdings in Adobe Inc (NASDAQ:ADBE) by 3.4% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 471,160 shares of the software company’s stock after acquiring an additional 15,292 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned about 0.10% of Adobe worth $205,100,000 as of its most recent filing with the SEC.
Several other institutional investors and hedge funds also recently made changes to their positions in the company. BlackRock Inc. boosted its holdings in Adobe by 4.5% during the second quarter. BlackRock Inc. now owns 38,069,522 shares of the software company’s stock worth $16,572,043,000 after buying an additional 1,623,749 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of Adobe by 3.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 8,672,342 shares of the software company’s stock valued at $3,775,156,000 after acquiring an additional 263,538 shares during the period. Geode Capital Management LLC lifted its position in shares of Adobe by 6.6% during the 1st quarter. Geode Capital Management LLC now owns 7,324,999 shares of the software company’s stock valued at $2,326,855,000 after acquiring an additional 452,565 shares during the period. Fisher Asset Management LLC boosted its stake in shares of Adobe by 4.1% during the 2nd quarter. Fisher Asset Management LLC now owns 5,344,469 shares of the software company’s stock worth $2,326,501,000 after acquiring an additional 212,586 shares in the last quarter. Finally, Polen Capital Management LLC grew its holdings in shares of Adobe by 3.6% in the 1st quarter. Polen Capital Management LLC now owns 5,134,597 shares of the software company’s stock worth $1,634,034,000 after acquiring an additional 180,710 shares during the period. Institutional investors and hedge funds own 84.03% of the company’s stock.
Several equities analysts recently issued reports on ADBE shares. Barclays lifted their price objective on Adobe from $530.00 to $600.00 and gave the stock an “overweight” rating in a report on Wednesday. BMO Capital Markets reaffirmed an “equal weight” rating and set a $500.00 price target (up previously from $375.00) on shares of Adobe in a research note on Wednesday. JPMorgan Chase & Co. reiterated a “buy” rating and issued a $550.00 price objective (up from $430.00) on shares of Adobe in a research report on Wednesday. Piper Sandler raised their target price on shares of Adobe from $430.00 to $570.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, Goldman Sachs Group lifted their target price on shares of Adobe from $460.00 to $520.00 and gave the stock a “neutral” rating in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-four have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $486.42.
Shares of ADBE traded down $21.67 during mid-day trading on Wednesday, reaching $476.00. The company had a trading volume of 8,458,955 shares, compared to its average volume of 3,275,031. The stock has a market cap of $233.07 billion, a price-to-earnings ratio of 63.74, a price-to-earnings-growth ratio of 3.77 and a beta of 0.94. The firm has a fifty day simple moving average of $470.05 and a 200-day simple moving average of $395.83. Adobe Inc has a fifty-two week low of $255.13 and a fifty-two week high of $536.88. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.38.
Adobe (NASDAQ:ADBE) last issued its earnings results on Tuesday, September 15th. The software company reported $2.57 earnings per share for the quarter, topping the consensus estimate of $2.41 by $0.16. Adobe had a return on equity of 35.53% and a net margin of 30.72%. The business had revenue of $3.23 billion for the quarter, compared to analyst estimates of $3.16 billion. During the same period last year, the company posted $2.05 EPS. The business’s quarterly revenue was up 14.0% on a year-over-year basis. As a group, equities analysts predict 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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