Adobe Inc. (NASDAQ:ADBE) Shares Sold by Seed Wealth Management Inc.

Seed Wealth Management Inc. reduced its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 8.4% in the 1st quarter, Holdings Channel.com reports. The fund owned 676 shares of the software company’s stock after selling 62 shares during the quarter. Seed Wealth Management Inc.’s holdings in Adobe were worth $259,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Copia Wealth Management acquired a new position in shares of Adobe in the 4th quarter valued at about $28,000. SWAN Capital LLC acquired a new position in shares of Adobe in the 4th quarter valued at about $28,000. Summit Securities Group LLC acquired a new position in shares of Adobe in the 4th quarter valued at about $31,000. Bernard Wealth Management Corp. acquired a new position in shares of Adobe in the 4th quarter valued at about $36,000. Finally, Mascoma Wealth Management LLC boosted its holdings in shares of Adobe by 142.9% in the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock valued at $38,000 after buying an additional 50 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the stock. Summit Redstone set a $410.00 price target on shares of Adobe in a report on Wednesday, March 19th. Robert W. Baird lifted their price target on shares of Adobe from $410.00 to $425.00 and gave the company a “neutral” rating in a report on Monday. Piper Sandler decreased their price target on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a report on Wednesday, April 23rd. Redburn Atlantic assumed coverage on shares of Adobe in a report on Wednesday, February 19th. They issued a “neutral” rating for the company. Finally, BMO Capital Markets reaffirmed an “outperform” rating and issued a $450.00 price target on shares of Adobe in a report on Friday, June 13th. Nine analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $494.67.

Adobe Stock Down 4.7%

ADBE stock opened at $382.68 on Wednesday. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The company has a market capitalization of $163.10 billion, a price-to-earnings ratio of 24.48, a price-to-earnings-growth ratio of 1.97 and a beta of 1.55. The firm’s 50-day moving average is $388.36 and its two-hundred day moving average is $419.38. The company has a current ratio of 0.99, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54.

Insiders Place Their Bets

In other Adobe news, CFO Daniel Durn acquired 1,300 shares of the stock in a transaction dated Thursday, March 20th. The shares were 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 directly 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.16% of the stock is owned by insiders.

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.