WELLCOME TRUST LTD THE as trustee of the WELLCOME TRUST Boosts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

WELLCOME TRUST LTD THE as trustee of the WELLCOME TRUST increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 1.1% during the first quarter, HoldingsChannel.com reports. The institutional investor owned 728,038 shares of the software company’s stock after buying an additional 8,038 shares during the quarter. Adobe makes up 3.5% of WELLCOME TRUST LTD THE as trustee of the WELLCOME TRUST’s portfolio, making the stock its 16th largest holding. WELLCOME TRUST LTD THE as trustee of the WELLCOME TRUST’s holdings in Adobe were worth $279,224,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Geode Capital Management LLC increased its position in shares of Adobe by 1.4% in 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 in the last quarter. Norges Bank purchased a new position in shares of Adobe during the 4th quarter valued at approximately $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake in Adobe by 12.7% in 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 holdings in 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 acquiring an additional 672,919 shares in the last quarter. Finally, Edgewood Management LLC raised its position in Adobe by 20.7% during the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock worth $1,805,009,000 after acquiring an additional 696,172 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

Adobe stock opened at $384.95 on Friday. The company has a current ratio of 0.99, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54. The company has a 50-day moving average price of $392.49 and a 200 day moving average price of $412.76. 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 $164.07 billion, a P/E ratio of 24.63, a PEG ratio of 1.84 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results 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 business had revenue of $5.87 billion during the quarter, compared to analysts’ expectations of $5.80 billion. Adobe had a net margin of 30.39% and a return on equity of 53.68%. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the company posted $4.48 EPS. Sell-side analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current year.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Phillip Securities upgraded shares of Adobe from a “moderate sell” rating to a “strong-buy” rating in a research report on Monday, June 16th. JPMorgan Chase & Co. decreased their price target 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. 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. Bank of America increased their target price on Adobe from $424.00 to $475.00 and gave the company a “buy” rating in a report on Friday, June 13th. Finally, Summit Redstone set a $410.00 price target on Adobe in a research note on Wednesday, March 19th. Nine investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $496.75.

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.