Rovin Capital UT ADV Purchases 156 Shares of Adobe Inc. (NASDAQ:ADBE)

Rovin Capital UT ADV boosted its position in Adobe Inc. (NASDAQ:ADBE) by 13.3% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,325 shares of the software company’s stock after purchasing an additional 156 shares during the period. Rovin Capital UT ADV’s holdings in Adobe were worth $508,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in ADBE. Geode Capital Management LLC grew 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 valued at $4,739,788,000 after buying an additional 151,286 shares during the period. Norges Bank purchased a new position in shares of Adobe during the 4th quarter worth $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% during the 4th 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 acquiring an additional 600,146 shares during the period. Northern Trust Corp increased its stake in shares of Adobe by 14.5% in the 4th quarter. Northern Trust Corp now owns 5,314,215 shares of the software company’s stock worth $2,363,125,000 after purchasing an additional 672,919 shares in the last quarter. Finally, Edgewood Management LLC raised its holdings in Adobe by 20.7% in the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock worth $1,805,009,000 after purchasing an additional 696,172 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have issued reports on ADBE shares. Jefferies Financial Group cut their price target on Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a report on Monday, March 31st. Mizuho cut their price objective on Adobe from $575.00 to $530.00 and set an “outperform” rating for the company in a research note on Friday, June 13th. JPMorgan Chase & Co. decreased their target price on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Robert W. Baird upped their price target on shares of Adobe from $410.00 to $425.00 and gave the stock a “neutral” rating in a research report on Monday, June 16th. Finally, DA Davidson restated a “buy” rating and set a $500.00 price objective on shares of Adobe in a research report on Friday, June 20th. Nine research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average price target of $496.75.

Adobe Stock Up 0.3%

NASDAQ ADBE opened at $386.88 on Tuesday. The stock has a 50 day moving average price of $394.10 and a 200-day moving average price of $409.69. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The company has a debt-to-equity ratio of 0.54, a quick ratio of 0.99 and a current ratio of 0.99. The company has a market capitalization of $164.11 billion, a P/E ratio of 24.75, a P/E/G ratio of 1.83 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last posted 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. The firm 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 business’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the firm posted $4.48 EPS. As a group, equities analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal year.

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.