Tandem Investment Advisors Inc. Makes New Investment in Adobe Inc. (NASDAQ:ADBE)

Tandem Investment Advisors Inc. bought a new position in Adobe Inc. (NASDAQ:ADBE) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 4,477 shares of the software company’s stock, valued at approximately $1,717,000.

A number of other large investors have also added to or reduced their stakes in the business. Geode Capital Management LLC raised its holdings in Adobe by 1.4% in the 4th 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 last quarter. Norges Bank bought a new position in Adobe during the 4th quarter worth approximately $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its holdings in 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 worth $2,375,345,000 after purchasing an additional 600,146 shares during the last quarter. Northern Trust Corp raised its holdings in Adobe by 14.5% during 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 during the last quarter. Finally, Edgewood Management LLC raised its holdings in Adobe by 20.7% during 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 last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 3.5%

NASDAQ ADBE opened at $378.47 on Thursday. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The stock has a market cap of $160.55 billion, a P/E ratio of 24.21, a P/E/G ratio of 1.86 and a beta of 1.51. The stock’s fifty day moving average price is $395.48 and its 200-day moving average price is $409.36. The company has a current ratio of 0.99, a quick ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 EPS for the quarter, beating the consensus estimate of $4.97 by $0.09. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company had revenue of $5.87 billion for the quarter, compared to analysts’ expectations of $5.80 billion. During the same period last year, the firm posted $4.48 earnings per share. Adobe’s revenue was up 10.6% compared to the same quarter last year. As a group, equities analysts forecast that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research firms have issued reports on ADBE. Wells Fargo & Company restated an “overweight” rating and set a $470.00 price target (up previously from $430.00) on shares of Adobe in a report on Friday, June 13th. Rothschild & Co Redburn lowered shares of Adobe from a “neutral” rating to a “sell” rating and set a $280.00 price target for the company. in a report on Wednesday. Evercore ISI restated an “outperform” rating and set a $475.00 price target on shares of Adobe in a report on Friday, June 13th. Robert W. Baird raised their price target on shares of Adobe from $410.00 to $425.00 and gave the stock a “neutral” rating in a report on Monday, June 16th. Finally, Oppenheimer reduced their price objective on shares of Adobe from $530.00 to $500.00 and set an “outperform” rating for the company in a research report on Friday, June 13th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $480.08.

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.