Adobe Inc. (NASDAQ:ADBE) Position Increased by Absher Wealth Management LLC

Absher Wealth Management LLC raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 22.3% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,373 shares of the software company’s stock after buying an additional 980 shares during the period. Absher Wealth Management LLC’s holdings in Adobe were worth $2,061,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the business. Sepio Capital LP boosted its holdings in Adobe by 2.3% during the fourth quarter. Sepio Capital LP now owns 993 shares of the software company’s stock worth $442,000 after buying an additional 22 shares in the last quarter. Cadence Bank boosted its holdings in Adobe by 0.5% during the fourth quarter. Cadence Bank now owns 4,883 shares of the software company’s stock worth $2,171,000 after buying an additional 22 shares in the last quarter. Eagle Strategies LLC boosted its holdings in Adobe by 1.5% during the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company’s stock worth $651,000 after buying an additional 22 shares in the last quarter. RB Capital Management LLC boosted its holdings in Adobe by 0.4% during the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company’s stock worth $2,198,000 after buying an additional 22 shares in the last quarter. Finally, Orin Green Financial LLC lifted its position in shares of Adobe by 3.8% in the 4th quarter. Orin Green Financial LLC now owns 621 shares of the software company’s stock valued at $276,000 after acquiring an additional 23 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

ADBE has been the subject of several research analyst reports. Wall Street Zen upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research report on Thursday, May 22nd. Royal Bank Of Canada restated an “outperform” rating and issued a $480.00 price target on shares of Adobe in a research report on Thursday, June 5th. Summit Redstone set a $410.00 price target on shares of Adobe in a research report on Wednesday, March 19th. Oppenheimer reduced their price target on shares of Adobe from $530.00 to $500.00 and set an “outperform” rating for the company in a research report on Friday, June 13th. Finally, Jefferies Financial Group reduced their price target on shares of Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research report 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 company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $496.75.

Adobe Stock Performance

Shares of ADBE opened at $376.92 on Friday. The company’s fifty day moving average is $389.67 and its 200-day moving average is $416.35. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The firm 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 quick ratio of 1.18, a current ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe 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.