Beech Hill Advisors Inc. Acquires New Position in Adobe Inc. (NASDAQ:ADBE)

Beech Hill Advisors Inc. purchased a new stake in Adobe Inc. (NASDAQ:ADBE) in the 1st quarter, HoldingsChannel reports. The firm purchased 3,324 shares of the software company’s stock, valued at approximately $1,275,000.

Other hedge funds also recently modified their holdings of the company. Garde Capital Inc. acquired a new position in Adobe in the 1st quarter valued at approximately $34,000. Arizona State Retirement System lifted its holdings in Adobe by 0.4% during the 4th quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock valued at $56,784,000 after purchasing an additional 570 shares during the last quarter. Burling Wealth Partners LLC acquired a new position in Adobe in the fourth quarter valued at about $1,173,000. Sound Income Strategies LLC grew its stake in Adobe by 17.6% during the first quarter. Sound Income Strategies LLC now owns 308 shares of the software company’s stock worth $118,000 after buying an additional 46 shares during the last quarter. Finally, Horan Capital Advisors LLC. increased its holdings in shares of Adobe by 2.4% during the fourth quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company’s stock worth $2,162,000 after buying an additional 114 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Up 1.4%

NASDAQ:ADBE opened at $387.55 on Thursday. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The company has a 50-day moving average of $391.76 and a 200 day moving average of $413.89. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 1.18. The firm has a market cap of $165.17 billion, a PE ratio of 24.80, a price-to-earnings-growth ratio of 1.81 and a beta of 1.55.

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

Wall Street Analysts Forecast Growth

ADBE has been the subject of several research analyst reports. Mizuho dropped their price objective on shares of Adobe from $575.00 to $530.00 and set an “outperform” rating for the company in a research report on Friday, June 13th. Summit Redstone set a $410.00 price objective on Adobe in a research note on Wednesday, March 19th. Piper Sandler dropped their price objective on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Monday. Finally, Wells Fargo & Company reiterated an “overweight” rating and set a $470.00 target price (up previously from $430.00) on shares of Adobe in a report on Friday, June 13th. Nine investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $496.75.

About Adobe

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.