Covea Finance Invests $29.11 Million in Adobe Inc. (NASDAQ:ADBE)

Covea Finance acquired a new position in Adobe Inc. (NASDAQ:ADBE) during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 75,889 shares of the software company’s stock, valued at approximately $29,106,000. Adobe accounts for approximately 1.3% of Covea Finance’s holdings, making the stock its 23rd biggest holding.

Several other institutional investors have also recently made changes to their positions in the stock. Advisor Resource Council bought a new position in shares of Adobe in the first quarter worth about $1,549,000. Segment Wealth Management LLC raised its stake in shares of Adobe by 3.0% in the first quarter. Segment Wealth Management LLC now owns 3,352 shares of the software company’s stock worth $1,286,000 after buying an additional 98 shares during the period. Riverwater Partners LLC raised its stake 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 worth $405,000 after buying an additional 225 shares during the period. Investment Research & Advisory Group Inc. raised its stake in shares of Adobe by 15.0% in the first quarter. Investment Research & Advisory Group Inc. now owns 5,565 shares of the software company’s stock worth $2,134,000 after buying an additional 726 shares during the period. Finally, OLD Second National Bank of Aurora raised its stake in shares of Adobe by 6.8% in the first 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 during the period. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

Several research firms have recently commented on ADBE. DA Davidson reaffirmed a “buy” rating and issued a $500.00 price objective on shares of Adobe in a research note on Friday. Oppenheimer decreased their target price on Adobe from $530.00 to $500.00 and set an “outperform” rating on the stock in a research note on Friday, June 13th. Morgan Stanley decreased their target price on Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Citigroup decreased their target price on Adobe from $465.00 to $450.00 and set a “neutral” rating on the stock in a research note on Monday, June 16th. Finally, Jefferies Financial Group decreased their target price on Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Nine research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus target price of $496.75.

Adobe Price Performance

Shares of Adobe stock opened at $376.92 on Friday. The stock has a market cap of $160.64 billion, a price-to-earnings ratio of 24.12, a price-to-earnings-growth ratio of 1.79 and a beta of 1.55. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.18 and a current ratio of 0.99. The stock has a 50 day moving average price of $389.67 and a 200-day moving average price of $417.18. Adobe Inc. has a one year low of $332.01 and a one year 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.