555 Shares in Adobe Inc. (NASDAQ:ADBE) Bought by OMNI 360 Wealth Inc.

OMNI 360 Wealth Inc. purchased a new position in Adobe Inc. (NASDAQ:ADBE) in the 1st quarter, HoldingsChannel.com reports. The fund purchased 555 shares of the software company’s stock, valued at approximately $213,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Geode Capital Management LLC increased its holdings in Adobe by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock worth $4,739,788,000 after acquiring an additional 151,286 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Adobe by 14.4% during the first quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company’s stock worth $2,504,685,000 after buying an additional 821,293 shares in the last quarter. Norges Bank purchased a new stake in shares of Adobe during the fourth quarter worth $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Adobe by 12.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company’s stock worth $2,375,345,000 after buying an additional 600,146 shares in the last quarter. Finally, Northern Trust Corp grew its holdings in shares of Adobe by 14.5% during the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company’s stock worth $2,363,125,000 after buying an additional 672,919 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Trading Up 0.4%

Shares of ADBE stock opened at $378.47 on Tuesday. The stock has a market cap of $160.54 billion, a P/E ratio of 24.20, a P/E/G ratio of 1.80 and a beta of 1.51. The business has a fifty day simple moving average of $396.25 and a 200-day simple moving average of $407.34. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. 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 (NASDAQ:ADBE) last issued its quarterly 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. The firm 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% on a year-over-year basis. During the same period last year, the company earned $4.48 EPS. On average, analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of research reports. Oppenheimer dropped their target price on shares of Adobe from $530.00 to $500.00 and set an “outperform” rating for the company in a report on Friday, June 13th. Summit Redstone set a $410.00 price target on shares of Adobe in a research report on Wednesday, March 19th. Phillip Securities raised shares of Adobe from a “moderate sell” rating to a “strong-buy” rating in a research report on Monday, June 16th. UBS Group boosted their price target on shares of Adobe from $380.00 to $430.00 and gave the company a “neutral” rating in a research report on Monday, June 9th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus target price of $480.08.

Adobe Company Profile

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.