McClarren Financial Advisors Inc. Boosts Position in Adobe Inc. (NASDAQ:ADBE)

McClarren Financial Advisors Inc. boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 7,580.0% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 384 shares of the software company’s stock after buying an additional 379 shares during the period. McClarren Financial Advisors Inc.’s holdings in Adobe were worth $147,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of ADBE. Brighton Jones LLC raised its holdings in Adobe by 2.1% in the fourth 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 during the period. Bank Pictet & Cie Europe AG boosted its stake in shares of Adobe by 2.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company’s stock valued at $12,882,000 after purchasing an additional 756 shares during the period. Grantham Mayo Van Otterloo & Co. LLC boosted its stake in shares of Adobe by 56.7% in the fourth quarter. Grantham Mayo Van Otterloo & Co. LLC now owns 3,245 shares of the software company’s stock valued at $1,443,000 after purchasing an additional 1,174 shares during the period. Titleist Asset Management LLC boosted its stake in shares of Adobe by 82.2% in the fourth quarter. Titleist Asset Management LLC now owns 1,011 shares of the software company’s stock valued at $449,000 after purchasing an additional 456 shares during the period. Finally, Sepio Capital LP boosted its stake in shares of Adobe by 2.3% in the fourth quarter. Sepio Capital LP now owns 993 shares of the software company’s stock valued at $442,000 after purchasing an additional 22 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the subject of several analyst reports. Phillip Securities upgraded shares of Adobe from a “moderate sell” rating to a “strong-buy” rating in a research note on Monday, June 16th. DA Davidson restated a “buy” rating and issued a $500.00 target price on shares of Adobe in a research note on Friday, June 20th. Rothschild & Co Redburn downgraded shares of Adobe from a “neutral” rating to a “sell” rating and set a $280.00 target price for the company. in a research note on Wednesday, July 2nd. Morgan Stanley decreased their price target on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Finally, Redburn Atlantic lowered shares of Adobe from a “hold” rating to a “strong sell” rating and dropped their price target for the stock from $420.00 to $280.00 in a research note on Wednesday, July 2nd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $473.88.

Adobe Stock Down 2.6%

ADBE stock opened at $338.85 on Tuesday. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The firm has a market cap of $143.74 billion, a price-to-earnings ratio of 21.68, a PEG ratio of 1.65 and a beta of 1.51. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 0.99. The firm has a fifty day moving average price of $384.34 and a two-hundred day moving average price of $398.11.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, topping the consensus estimate of $4.97 by $0.09. The business had revenue of $5.87 billion during the quarter, compared to analyst estimates of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The company’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $4.48 earnings per share. Research analysts predict that Adobe Inc. will post 16.65 EPS for the current year.

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.