Kovitz Investment Group Partners LLC Has $110.46 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Kovitz Investment Group Partners LLC lifted its stake in Adobe Inc. (NASDAQ:ADBE) by 183.1% during the first quarter, Holdings Channel.com reports. The fund owned 287,998 shares of the software company’s stock after buying an additional 186,270 shares during the period. Kovitz Investment Group Partners LLC’s holdings in Adobe were worth $110,456,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Vestmark Advisory Solutions Inc. increased its holdings in shares of Adobe by 36.8% during the 1st quarter. Vestmark Advisory Solutions Inc. now owns 4,992 shares of the software company’s stock worth $1,915,000 after acquiring an additional 1,344 shares during the last quarter. Harfst & Associates Inc. increased its holdings in shares of Adobe by 1.1% during the 1st quarter. Harfst & Associates Inc. now owns 7,748 shares of the software company’s stock worth $2,972,000 after acquiring an additional 83 shares during the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its holdings in shares of Adobe by 7.7% during the 1st quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 103,923 shares of the software company’s stock worth $39,858,000 after acquiring an additional 7,400 shares during the last quarter. Varenne Capital Partners acquired a new position in shares of Adobe during the 1st quarter worth approximately $19,130,000. Finally, Ted Buchan & Co grew its position in shares of Adobe by 1.9% in the first quarter. Ted Buchan & Co now owns 1,368 shares of the software company’s stock valued at $525,000 after purchasing an additional 26 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $351.07 on Thursday. Adobe Inc. has a twelve month low of $330.04 and a twelve month high of $587.75. The stock’s 50 day moving average price is $374.41 and its 200-day moving average price is $394.07. The company has a market capitalization of $148.92 billion, a PE ratio of 22.46, a PEG ratio of 1.60 and a beta of 1.51. The company has a quick ratio of 0.99, a current ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, June 12th. The software company reported $5.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.97 by $0.09. The business had revenue of $5.87 billion for 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% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $4.48 EPS. On average, equities analysts anticipate that Adobe Inc. will post 16.65 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. DA Davidson reaffirmed a “buy” rating and issued a $500.00 target price on shares of Adobe in a research report on Friday, June 20th. Melius Research raised Adobe to a “strong sell” rating in a research report on Monday. 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. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Monday, June 23rd. Finally, Stifel Nicolaus reduced their target price on Adobe from $525.00 to $480.00 and set a “buy” rating on the stock in a report on Friday, June 13th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, sixteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $467.58.

Adobe Company 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.