Simon Quick Advisors LLC Acquires 8,166 Shares of Adobe Inc. (NASDAQ:ADBE)

Simon Quick Advisors LLC lifted its position in Adobe Inc. (NASDAQ:ADBE) by 75.6% during the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 18,966 shares of the software company’s stock after purchasing an additional 8,166 shares during the quarter. Simon Quick Advisors LLC’s holdings in Adobe were worth $7,274,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in ADBE. Siemens Fonds Invest GmbH grew its holdings in shares of Adobe by 252.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock worth $25,000 after purchasing an additional 39,888 shares during the last quarter. SWAN Capital LLC acquired a new position in Adobe during the 4th quarter worth about $28,000. Copia Wealth Management acquired a new position in Adobe during the 4th quarter worth about $28,000. Summit Securities Group LLC acquired a new position in Adobe during the 4th quarter worth about $31,000. Finally, Bernard Wealth Management Corp. acquired a new position in Adobe during the 4th quarter worth about $36,000. Institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In related news, CFO Daniel Durn acquired 1,300 shares of the business’s stock in a transaction dated Thursday, March 20th. The stock was bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. This represents a 4.55% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.16% of the company’s stock.

Adobe Price Performance

NASDAQ ADBE opened at $412.84 on Thursday. The business has a 50 day simple moving average of $384.27 and a 200 day simple moving average of $423.37. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market cap of $175.95 billion, a price-to-earnings ratio of 33.29, a PEG ratio of 2.15 and a beta of 1.55.

Adobe (NASDAQ:ADBE) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. During the same period in the prior year, the business earned $4.48 EPS. Analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on ADBE. Mizuho reduced their price target on shares of Adobe from $620.00 to $575.00 and set an “outperform” rating on the stock in a research report on Thursday, March 13th. Jefferies Financial Group reduced their price target on shares of Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. Royal Bank of Canada reiterated an “outperform” rating and set a $480.00 price target on shares of Adobe in a research report on Thursday, June 5th. Stifel Nicolaus reduced their price target on shares of Adobe from $600.00 to $525.00 and set a “buy” rating on the stock in a research report on Thursday, March 13th. Finally, DA Davidson reduced their price target on shares of Adobe from $600.00 to $450.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Nine analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $503.33.

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.