Brookstone Capital Management Acquires 6,288 Shares of Adobe Inc. (NASDAQ:ADBE)

Brookstone Capital Management increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 132.2% during the 1st quarter, HoldingsChannel reports. The firm owned 11,046 shares of the software company’s stock after purchasing an additional 6,288 shares during the period. Brookstone Capital Management’s holdings in Adobe were worth $4,236,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Harel Insurance Investments & Financial Services Ltd. lifted its position in Adobe by 32.8% in the 1st quarter. Harel Insurance Investments & Financial Services Ltd. now owns 83,409 shares of the software company’s stock valued at $31,990,000 after acquiring an additional 20,621 shares in the last quarter. IFM Investors Pty Ltd raised its stake in shares of Adobe by 8.5% in the 1st quarter. IFM Investors Pty Ltd now owns 93,563 shares of the software company’s stock valued at $35,884,000 after purchasing an additional 7,352 shares during the period. GF Fund Management CO. LTD. raised its stake in shares of Adobe by 3.3% in the 1st quarter. GF Fund Management CO. LTD. now owns 86,172 shares of the software company’s stock valued at $33,050,000 after purchasing an additional 2,744 shares during the period. Avantax Planning Partners Inc. lifted its holdings in shares of Adobe by 6.7% in the first quarter. Avantax Planning Partners Inc. now owns 2,963 shares of the software company’s stock valued at $1,136,000 after purchasing an additional 186 shares in the last quarter. Finally, Aviance Capital Partners LLC boosted its position in shares of Adobe by 144.0% during the first quarter. Aviance Capital Partners LLC now owns 8,367 shares of the software company’s stock worth $3,209,000 after buying an additional 4,938 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the company. Stifel Nicolaus dropped their target price on Adobe from $525.00 to $480.00 and set a “buy” rating on the stock in a research report on Friday, June 13th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research report on Monday, June 23rd. JPMorgan Chase & Co. reduced their price target on Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $480.00 price target on shares of Adobe in a research report on Thursday, June 5th. Finally, Wells Fargo & Company reiterated an “overweight” rating and set a $470.00 price objective (up previously from $430.00) on shares of Adobe in a research note on Friday, June 13th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $480.08.

Adobe Stock Performance

Shares of Adobe stock opened at $379.56 on Friday. The company has a 50 day moving average of $396.09 and a 200-day moving average of $408.04. The company has a market cap of $161.01 billion, a PE ratio of 24.28, a price-to-earnings-growth ratio of 1.80 and a beta of 1.51. 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 Inc. has a 1-year low of $332.01 and a 1-year high of $587.75.

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, topping 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 business had revenue of $5.87 billion during the quarter, compared to the consensus estimate of $5.80 billion. During the same period in the prior year, the company earned $4.48 EPS. Adobe’s revenue for the quarter was up 10.6% on a year-over-year basis. As a group, equities research analysts forecast that Adobe Inc. will post 16.65 earnings per share 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.