Claris Advisors LLC MO Takes Position in Adobe Inc. (NASDAQ:ADBE)

Claris Advisors LLC MO purchased a new stake in shares of Adobe Inc. (NASDAQ:ADBE) during the 1st quarter, according to its most recent filing with the SEC. The institutional investor purchased 606 shares of the software company’s stock, valued at approximately $232,000.

Several other hedge funds also recently added to or reduced their stakes in ADBE. Siemens Fonds Invest GmbH grew its holdings in Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after purchasing an additional 39,888 shares during the last quarter. SWAN Capital LLC bought a new position in Adobe in the 4th quarter worth about $28,000. Copia Wealth Management bought a new position in Adobe in the 4th quarter worth about $28,000. Summit Securities Group LLC bought a new position in Adobe in the 4th quarter worth about $31,000. Finally, Bernard Wealth Management Corp. bought a new position in Adobe in the 4th quarter worth about $36,000. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on ADBE shares. Stifel Nicolaus dropped their target price on shares of Adobe from $525.00 to $480.00 and set a “buy” rating on the stock in a research note on Friday. Royal Bank of Canada reiterated an “outperform” rating and set a $480.00 price objective on shares of Adobe in a research note on Thursday, June 5th. Robert W. Baird dropped their price objective on shares of Adobe from $490.00 to $410.00 and set a “neutral” rating on the stock in a research note on Wednesday, March 19th. Summit Redstone set a $410.00 price objective on shares of Adobe in a research note on Wednesday, March 19th. Finally, Jefferies Financial Group dropped their price objective on shares of Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Nine research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $494.67.

Insiders Place Their Bets

In related news, CFO Daniel Durn purchased 1,300 shares of the firm’s stock in a transaction on Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. This represents a 4.55% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.16% of the company’s stock.

Adobe Trading Down 5.3%

NASDAQ ADBE opened at $391.68 on Monday. The company has a fifty day simple moving average of $386.76 and a two-hundred day simple moving average of $420.43. The stock has a market cap of $166.93 billion, a P/E ratio of 31.59, a P/E/G ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29.

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.