Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Creekmur Asset Management LLC

Creekmur Asset Management LLC grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 839.3% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,531 shares of the software company’s stock after buying an additional 1,368 shares during the quarter. Creekmur Asset Management LLC’s holdings in Adobe were worth $587,000 at the end of the most recent quarter.

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

Analysts Set New Price Targets

A number of research analysts recently weighed in on ADBE shares. UBS Group lifted their target price on Adobe from $380.00 to $430.00 and gave the company a “neutral” rating in a report on Monday, June 9th. Wells Fargo & Company restated an “overweight” rating and set a $470.00 price objective (up previously from $430.00) on shares of Adobe in a research note on Friday, June 13th. Jefferies Financial Group reduced their price objective on Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Royal Bank Of Canada restated an “outperform” rating and set a $480.00 price objective on shares of Adobe in a research note on Thursday, June 5th. Finally, Oppenheimer decreased their price objective 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. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $473.88.

Adobe Trading Down 0.3%

ADBE stock opened at $365.43 on Friday. 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 twelve month low of $332.01 and a twelve month high of $587.75. The stock has a market capitalization of $155.01 billion, a price-to-earnings ratio of 23.38, a price-to-earnings-growth ratio of 1.72 and a beta of 1.51. The firm’s fifty day simple moving average is $394.55 and its two-hundred day simple moving average is $403.55.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating the consensus estimate 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 during the quarter, compared to analyst estimates of $5.80 billion. During the same period in the prior year, the firm posted $4.48 earnings per share. The company’s quarterly revenue was up 10.6% on a year-over-year basis. As a group, analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Adobe 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.