Hendley & Co. Inc. Has $4.56 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Hendley & Co. Inc. grew its stake in Adobe Inc. (NASDAQ:ADBE) by 1.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,877 shares of the software company’s stock after buying an additional 199 shares during the period. Adobe makes up approximately 1.6% of Hendley & Co. Inc.’s holdings, making the stock its 20th biggest position. Hendley & Co. Inc.’s holdings in Adobe were worth $4,555,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Geode Capital Management LLC lifted its position in shares of Adobe by 1.4% during the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock worth $4,739,788,000 after purchasing an additional 151,286 shares during the last quarter. Bank of New York Mellon Corp lifted its position in shares of Adobe by 14.4% during the 1st quarter. Bank of New York Mellon Corp now owns 6,530,611 shares of the software company’s stock worth $2,504,685,000 after purchasing an additional 821,293 shares during the last quarter. Norges Bank acquired a new position in shares of Adobe during the 4th quarter worth about $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Adobe by 12.7% during 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 worth $2,375,345,000 after purchasing an additional 600,146 shares during the last quarter. Finally, Northern Trust Corp lifted its position in shares of Adobe by 14.5% during the 4th quarter. Northern Trust Corp now owns 5,314,215 shares of the software company’s stock worth $2,363,125,000 after purchasing an additional 672,919 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. Summit Redstone set a $410.00 price objective on Adobe in a research report on Wednesday, March 19th. BMO Capital Markets reissued an “outperform” rating and set a $450.00 price objective on shares of Adobe in a research report on Friday, June 13th. Oppenheimer cut their price objective on Adobe from $530.00 to $500.00 and set an “outperform” rating for the company in a research report on Friday, June 13th. KeyCorp raised Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Finally, JPMorgan Chase & Co. cut their price objective on Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $480.08.

Adobe Trading Up 0.3%

ADBE stock opened at $379.56 on Friday. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The firm has a market cap of $161.01 billion, a P/E ratio of 24.28, a P/E/G ratio of 1.80 and a beta of 1.51. The business’s 50 day moving average is $396.09 and its 200-day moving average is $408.04. 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 (NASDAQ:ADBE) last released 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. Adobe had a return on equity of 53.68% and a net margin of 30.39%. The company had revenue of $5.87 billion for the quarter, compared to analyst estimates of $5.80 billion. During the same period in the prior year, the company posted $4.48 EPS. The company’s revenue was up 10.6% compared to the same quarter last year. Equities analysts anticipate that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.