Citizens & Northern Corp Reduces Stock Position in Adobe Inc. (NASDAQ:ADBE)

Citizens & Northern Corp lowered its holdings in Adobe Inc. (NASDAQ:ADBE) by 1.3% in the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 3,927 shares of the software company’s stock after selling 53 shares during the quarter. Citizens & Northern Corp’s holdings in Adobe were worth $1,506,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in ADBE. Brighton Jones LLC lifted its holdings in Adobe by 2.1% in the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock worth $3,588,000 after buying an additional 167 shares during the period. Union Bancaire Privee UBP SA purchased a new stake in Adobe in the fourth quarter worth $76,712,000. Bank Pictet & Cie Europe AG lifted its position in Adobe by 2.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company’s stock valued at $12,882,000 after buying an additional 756 shares during the period. Atlas Legacy Advisors LLC bought a new stake in shares of Adobe during the 4th quarter valued at $244,000. Finally, Private Advisor Group LLC boosted its holdings in shares of Adobe by 4.4% during the 4th quarter. Private Advisor Group LLC now owns 25,475 shares of the software company’s stock valued at $11,328,000 after buying an additional 1,082 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on ADBE. UBS Group raised their target price on shares of Adobe from $380.00 to $430.00 and gave the company a “neutral” rating in a research note on Monday, June 9th. Stifel Nicolaus decreased their target price on Adobe from $525.00 to $480.00 and set a “buy” rating for the company in a research report on Friday, June 13th. KeyCorp upgraded shares of Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Royal Bank Of Canada restated an “outperform” rating and issued a $480.00 price objective on shares of Adobe in a research note on Thursday, June 5th. Finally, JPMorgan Chase & Co. lowered their target price on Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Nine equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $494.67.

Adobe Price Performance

Adobe stock opened at $378.04 on Friday. The firm has a 50-day moving average of $389.19 and a two-hundred day moving average of $418.14. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 1.18. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The stock has a market cap of $161.12 billion, a price-to-earnings ratio of 24.19, a price-to-earnings-growth ratio of 1.79 and a beta of 1.55.

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.