Adobe Inc. (NASDAQ:ADBE) Shares Sold by Spirit of America Management Corp NY

Spirit of America Management Corp NY lowered its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 16.0% in the first quarter, HoldingsChannel.com reports. The fund owned 1,050 shares of the software company’s stock after selling 200 shares during the quarter. Spirit of America Management Corp NY’s holdings in Adobe were worth $403,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ADBE. Norges Bank acquired a new position in Adobe during the fourth quarter worth about $2,553,035,000. GAMMA Investing LLC raised its position in shares of Adobe by 46,806.6% in the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company’s stock valued at $1,147,049,000 after buying an additional 2,984,391 shares during the last quarter. Proficio Capital Partners LLC raised its position in shares of Adobe by 82,528.8% in the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock valued at $463,701,000 after buying an additional 1,041,513 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of Adobe by 82.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock valued at $937,291,000 after buying an additional 952,233 shares during the last quarter. Finally, Two Sigma Advisers LP raised its position in shares of Adobe by 1,414.5% in the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company’s stock valued at $395,321,000 after buying an additional 830,300 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports on ADBE. Wells Fargo & Company restated an “overweight” rating and issued a $470.00 target price (up from $430.00) on shares of Adobe in a report on Friday, June 13th. Stifel Nicolaus lowered their target price on shares of Adobe from $525.00 to $480.00 and set a “buy” rating for the company in a report on Friday, June 13th. Evercore ISI restated an “outperform” rating and issued a $475.00 target price on shares of Adobe in a report on Friday, June 13th. KeyCorp upgraded shares of Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. Finally, Royal Bank Of Canada restated an “outperform” rating and issued a $480.00 target price on shares of Adobe in a report on Thursday, June 5th. Nine analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $494.67.

Adobe Price Performance

Shares of ADBE stock opened at $378.04 on Friday. The company has a market capitalization of $161.12 billion, a PE ratio of 24.19, a price-to-earnings-growth ratio of 1.79 and a beta of 1.55. The firm has a fifty day simple moving average of $389.19 and a 200-day simple moving average of $418.14. The company has a current ratio of 0.99, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75.

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.