Sabal Trust CO Acquires 500 Shares of Adobe Inc. (NASDAQ:ADBE)

Sabal Trust CO raised its stake in Adobe Inc. (NASDAQ:ADBE) by 9.8% in the first quarter, Holdings Channel reports. The fund owned 5,627 shares of the software company’s stock after purchasing an additional 500 shares during the quarter. Sabal Trust CO’s holdings in Adobe were worth $2,158,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in ADBE. Siemens Fonds Invest GmbH boosted its holdings in shares of Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after acquiring an additional 39,888 shares in the last quarter. SWAN Capital LLC bought a new position in Adobe in the fourth quarter valued at about $28,000. Copia Wealth Management acquired a new stake in shares of Adobe during the fourth quarter valued at about $28,000. Summit Securities Group LLC bought a new stake in shares of Adobe during the fourth quarter worth about $31,000. Finally, Garde Capital Inc. acquired a new position in shares of Adobe in the first quarter valued at approximately $34,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

ADBE has been the topic of several recent research reports. DA Davidson reiterated a “buy” rating and set a $500.00 target price on shares of Adobe in a research report on Friday, June 20th. Robert W. Baird lifted 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. Phillip Securities upgraded Adobe from a “moderate sell” rating to a “strong-buy” rating in a report on Monday, June 16th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $470.00 target price (up from $430.00) on shares of Adobe in a report on Friday, June 13th. Finally, Oppenheimer reduced their price target on Adobe from $530.00 to $500.00 and set an “outperform” rating on the stock in a research report on Friday, June 13th. Nine analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $496.75.

Adobe Stock Up 1.4%

Adobe stock opened at $387.55 on Thursday. The company has a market capitalization of $165.17 billion, a PE ratio of 24.80, a PEG ratio of 1.81 and a beta of 1.55. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The firm’s fifty day moving average is $391.76 and its 200 day moving average is $413.89. The company has a quick ratio of 1.18, a current ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, June 12th. The software company reported $5.06 earnings per share for the quarter, beating the consensus estimate of $4.97 by $0.09. The firm had revenue of $5.87 billion for 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 business’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $4.48 earnings per share. As a group, sell-side analysts predict that Adobe Inc. will post 16.65 EPS for the current fiscal 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.