Segment Wealth Management LLC Purchases 98 Shares of Adobe Inc. (NASDAQ:ADBE)

Segment Wealth Management LLC lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 3.0% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,352 shares of the software company’s stock after purchasing an additional 98 shares during the quarter. Segment Wealth Management LLC’s holdings in Adobe were worth $1,286,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Siemens Fonds Invest GmbH increased its holdings in Adobe by 252.9% in the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after buying an additional 39,888 shares during the period. SWAN Capital LLC acquired a new stake in shares of Adobe during the 4th quarter valued at about $28,000. Copia Wealth Management bought a new stake in Adobe in the fourth quarter valued at about $28,000. Summit Securities Group LLC acquired a new position in Adobe in the fourth quarter worth about $31,000. Finally, Bernard Wealth Management Corp. bought a new position in Adobe during the fourth quarter worth about $36,000. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on ADBE. Evercore ISI reiterated an “outperform” rating and issued a $475.00 price objective on shares of Adobe in a research note on Friday, June 13th. Summit Redstone set a $410.00 target price on shares of Adobe in a report on Wednesday, March 19th. Bank of America increased their target price on shares of Adobe from $424.00 to $475.00 and gave the stock a “buy” rating in a research report on Friday, June 13th. DA Davidson cut their price target on shares of Adobe from $600.00 to $450.00 and set a “buy” rating for the company in a report on Monday, April 14th. Finally, Piper Sandler decreased their price objective on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 23rd. Nine analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $494.67.

Adobe Stock Down 1.2%

Shares of NASDAQ:ADBE 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 has a market cap of $161.12 billion, a price-to-earnings ratio of 24.19, a P/E/G ratio of 1.79 and a beta of 1.55. The company has a 50 day moving average of $389.19 and a 200-day moving average of $418.14. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75.

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.