Evanson Asset Management LLC Sells 40 Shares of Adobe Inc. (NASDAQ:ADBE)

Evanson Asset Management LLC cut its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 0.9% in the first quarter, HoldingsChannel reports. The fund owned 4,432 shares of the software company’s stock after selling 40 shares during the period. Evanson Asset Management LLC’s holdings in Adobe were worth $1,700,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ADBE. Advisor Resource Council bought a new stake in shares of Adobe in the first quarter worth about $1,549,000. Segment Wealth Management LLC boosted its position in shares of Adobe by 3.0% during the 1st quarter. Segment Wealth Management LLC now owns 3,352 shares of the software company’s stock valued at $1,286,000 after acquiring an additional 98 shares during the last quarter. Riverwater Partners LLC grew its holdings in shares of Adobe by 27.1% in the first quarter. Riverwater Partners LLC now owns 1,056 shares of the software company’s stock valued at $405,000 after purchasing an additional 225 shares in the last quarter. Investment Research & Advisory Group Inc. raised its stake in Adobe by 15.0% during the first quarter. Investment Research & Advisory Group Inc. now owns 5,565 shares of the software company’s stock valued at $2,134,000 after purchasing an additional 726 shares in the last quarter. Finally, OLD Second National Bank of Aurora grew its stake in shares of Adobe by 6.8% in the 1st quarter. OLD Second National Bank of Aurora now owns 4,245 shares of the software company’s stock worth $1,628,000 after buying an additional 272 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Trading Down 1.2%

Shares of Adobe stock opened at $378.04 on Friday. 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’s 50 day simple moving average is $389.19 and its 200-day simple moving average is $418.14. The stock has a market cap of $161.12 billion, a P/E ratio of 24.19, a P/E/G ratio of 1.79 and a beta of 1.55. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of analyst reports. Oppenheimer lowered their price target on Adobe from $530.00 to $500.00 and set an “outperform” rating for the company in a research report on Friday, June 13th. BMO Capital Markets reaffirmed an “outperform” rating and set a $450.00 target price on shares of Adobe in a research report on Friday, June 13th. Wall Street Zen upgraded Adobe from a “hold” rating to a “buy” rating in a report on Thursday, May 22nd. Summit Redstone set a $410.00 price objective on shares of Adobe in a research note on Wednesday, March 19th. Finally, Morgan Stanley cut their price objective on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Nine 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. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $494.67.

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.