Apollon Wealth Management LLC Grows Position in Adobe Inc. (NASDAQ:ADBE)

Apollon Wealth Management LLC grew its stake in Adobe Inc. (NASDAQ:ADBE) by 12.2% during the 1st quarter, HoldingsChannel reports. The firm owned 14,289 shares of the software company’s stock after buying an additional 1,558 shares during the quarter. Apollon Wealth Management LLC’s holdings in Adobe were worth $5,480,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also bought and sold shares of ADBE. Brighton Jones LLC lifted its position in shares of Adobe by 2.1% during the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock valued at $3,588,000 after buying an additional 167 shares in the last quarter. Bank Pictet & Cie Europe AG lifted its position in shares of Adobe by 2.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company’s stock valued at $12,882,000 after buying an additional 756 shares in the last quarter. GHE LLC lifted its position in shares of Adobe by 2.9% during the 4th quarter. GHE LLC now owns 23,577 shares of the software company’s stock valued at $10,484,000 after buying an additional 670 shares in the last quarter. Proficio Capital Partners LLC lifted its position in shares of Adobe by 85.8% during the 4th quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company’s stock valued at $1,043,000 after buying an additional 1,083 shares in the last quarter. Finally, Envestnet Portfolio Solutions Inc. lifted its position in shares of Adobe by 16.6% during the 4th quarter. Envestnet Portfolio Solutions Inc. now owns 39,913 shares of the software company’s stock valued at $17,749,000 after buying an additional 5,692 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 1.0%

Shares of NASDAQ:ADBE opened at $366.99 on Tuesday. The business has a 50-day moving average price of $395.75 and a 200 day moving average price of $404.67. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54. The company has a market capitalization of $155.68 billion, a price-to-earnings ratio of 23.48, a PEG ratio of 1.72 and a beta of 1.51. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data 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 during the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company’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. Sell-side analysts expect that Adobe Inc. will post 16.65 EPS for the current year.

Analyst Ratings Changes

Several research analysts recently commented on ADBE shares. Robert W. Baird increased their price objective on Adobe from $410.00 to $425.00 and gave the company a “neutral” rating in a research note on Monday, June 16th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Monday, June 23rd. Royal Bank Of Canada reissued an “outperform” rating and issued a $480.00 price objective on shares of Adobe in a research note on Thursday, June 5th. UBS Group increased their price objective on Adobe from $380.00 to $430.00 and gave the company a “neutral” rating in a research note on Monday, June 9th. Finally, Wall Street Zen raised Adobe from a “hold” rating to a “buy” rating in a research note on Thursday, May 22nd. Two equities research 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. Based on data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus price target of $473.88.

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.