Bender Robert & Associates Buys 1,532 Shares of Adobe Inc. (NASDAQ:ADBE)

Bender Robert & Associates increased its position in Adobe Inc. (NASDAQ:ADBE) by 6.7% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 24,229 shares of the software company’s stock after purchasing an additional 1,532 shares during the quarter. Adobe accounts for 2.3% of Bender Robert & Associates’ portfolio, making the stock its 13th biggest holding. Bender Robert & Associates’ holdings in Adobe were worth $9,293,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Arizona State Retirement System boosted its holdings in Adobe by 0.4% in the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock worth $56,784,000 after acquiring an additional 570 shares in the last quarter. Burling Wealth Partners LLC bought a new stake in shares of Adobe during the fourth quarter valued at approximately $1,173,000. Horan Capital Advisors LLC. raised its position in shares of Adobe by 2.4% during the fourth quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company’s stock worth $2,162,000 after purchasing an additional 114 shares during the period. Sound Income Strategies LLC lifted its holdings in shares of Adobe by 17.6% in the 1st quarter. Sound Income Strategies LLC now owns 308 shares of the software company’s stock worth $118,000 after purchasing an additional 46 shares in the last quarter. Finally, Proficio Capital Partners LLC lifted its holdings in shares of Adobe by 85.8% in the 4th quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company’s stock worth $1,043,000 after purchasing an additional 1,083 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of brokerages have commented on ADBE. Royal Bank Of Canada restated an “outperform” rating and set a $480.00 price target on shares of Adobe in a research note on Thursday, June 5th. Robert W. Baird lifted their price objective on shares of Adobe from $410.00 to $425.00 and gave the company a “neutral” rating in a report on Monday. Stifel Nicolaus lowered 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, June 13th. Mizuho dropped their price target on shares of Adobe from $575.00 to $530.00 and set an “outperform” rating on the stock in a research report on Friday, June 13th. Finally, Redburn Atlantic began coverage on Adobe in a research note on Wednesday, February 19th. They set a “neutral” rating for the company. Nine analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $494.67.

Adobe Trading Down 4.7%

Shares of Adobe stock opened at $382.68 on Wednesday. The firm has a market cap of $163.10 billion, a PE ratio of 24.48, a P/E/G ratio of 1.97 and a beta of 1.55. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 1.18. The stock has a fifty day moving average price of $388.36 and a 200-day moving average price of $419.38.

Insider Activity at Adobe

In other news, CFO Daniel Durn acquired 1,300 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The shares were acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.16% of the stock is owned by company 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.