Acropolis Investment Management LLC Reduces Stock Position in Adobe Inc. (NASDAQ:ADBE)

Acropolis Investment Management LLC reduced its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 4.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 951 shares of the software company’s stock after selling 44 shares during the quarter. Acropolis Investment Management LLC’s holdings in Adobe were worth $365,000 at the end of the most recent quarter.

A number of other institutional investors also recently modified their holdings of ADBE. Geode Capital Management LLC increased its holdings in 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 acquiring an additional 151,286 shares during the period. Norges Bank bought a new stake in Adobe during the 4th quarter worth approximately $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in 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 acquiring an additional 600,146 shares during the period. Northern Trust Corp increased its holdings in 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 acquiring an additional 672,919 shares during the period. Finally, Edgewood Management LLC increased its holdings in Adobe by 20.7% during the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock worth $1,805,009,000 after acquiring an additional 696,172 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on ADBE shares. Stifel Nicolaus decreased their target price on shares of Adobe from $525.00 to $480.00 and set a “buy” rating on the stock in a report on Friday. KeyCorp raised shares of Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. UBS Group upped their target price on shares of Adobe from $380.00 to $430.00 and gave the stock a “neutral” rating in a report on Monday, June 9th. Jefferies Financial Group decreased their price target on shares of Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a report on Monday, March 31st. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $450.00 price target on shares of Adobe in a report on Friday. Nine investment 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 company. According to MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average price target of $494.67.

Adobe Price Performance

Shares of Adobe stock opened at $401.73 on Tuesday. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The stock has a market capitalization of $171.22 billion, a price-to-earnings ratio of 32.40, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The company has a fifty day moving average of $388.00 and a 200-day moving average of $419.64. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07.

Insider Activity

In other Adobe 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 purchase, the chief financial officer now owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.16% of the stock is owned by corporate insiders.

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.