BluePointe Capital Management LLC Makes New $244,000 Investment in Adobe Inc. (NASDAQ:ADBE)

BluePointe Capital Management LLC purchased a new stake in Adobe Inc. (NASDAQ:ADBE) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 636 shares of the software company’s stock, valued at approximately $244,000.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Copia Wealth Management purchased a new position in Adobe during the fourth quarter valued at approximately $28,000. SWAN Capital LLC purchased a new position in Adobe during the fourth quarter valued at approximately $28,000. Barnes Dennig Private Wealth Management LLC purchased a new position in Adobe during the first quarter valued at approximately $26,000. Summit Securities Group LLC purchased a new position in Adobe during the fourth quarter valued at approximately $31,000. Finally, Bernard Wealth Management Corp. purchased a new position in Adobe in the 4th quarter worth approximately $36,000. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

ADBE opened at $366.99 on Tuesday. 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 cap of $155.68 billion, a price-to-earnings ratio of 23.48, a PEG ratio of 1.72 and a beta of 1.51. The company’s 50 day moving average is $395.75 and its 200 day moving average is $404.67. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75.

Adobe (NASDAQ:ADBE) last posted 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 company had revenue of $5.87 billion for the quarter, compared to the consensus estimate of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The firm’s revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the firm posted $4.48 earnings per share. On average, equities research analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on ADBE shares. Summit Redstone set a $410.00 price target on shares of Adobe in a research note on Wednesday, March 19th. BMO Capital Markets restated an “outperform” rating and issued a $450.00 price objective on shares of Adobe in a report on Friday, June 13th. DA Davidson reiterated a “buy” rating and issued a $500.00 price target on shares of Adobe in a research note on Friday, June 20th. Robert W. Baird increased their price target on shares of Adobe from $410.00 to $425.00 and gave the stock a “neutral” rating in a research note on Monday, June 16th. Finally, Royal Bank Of Canada reiterated an “outperform” rating and issued a $480.00 price target on shares of Adobe in a research note on Thursday, June 5th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and an average target price of $473.88.

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.