Adobe Inc. (NASDAQ:ADBE) Shares Acquired by 1858 Wealth Management LLC

1858 Wealth Management LLC lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 36.2% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 2,282 shares of the software company’s stock after buying an additional 606 shares during the period. 1858 Wealth Management LLC’s holdings in Adobe were worth $875,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Geode Capital Management LLC boosted its stake in shares of Adobe by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock worth $4,739,788,000 after buying an additional 151,286 shares during the period. Norges Bank acquired a new stake in shares of Adobe during the fourth quarter worth about $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Adobe by 12.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company’s stock worth $2,375,345,000 after buying an additional 600,146 shares during the period. Northern Trust Corp boosted its stake in shares of Adobe by 14.5% during the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company’s stock worth $2,363,125,000 after buying an additional 672,919 shares during the period. Finally, Edgewood Management LLC boosted its stake in shares of Adobe by 20.7% during the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock worth $1,805,009,000 after buying an additional 696,172 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Trading Down 0.3%

Shares of ADBE opened at $376.92 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 firm has a 50 day simple moving average of $389.67 and a 200-day simple moving average of $416.35. 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 $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.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ADBE. Evercore ISI reiterated an “outperform” rating and set a $475.00 target price on shares of Adobe in a research note 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. Mizuho reduced their price objective on shares of Adobe from $575.00 to $530.00 and set an “outperform” rating for the company in a research report on Friday, June 13th. Royal Bank Of Canada restated an “outperform” rating and issued a $480.00 price objective on shares of Adobe in a research report on Thursday, June 5th. Finally, Jefferies Financial Group reduced their price objective 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 analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $496.75.

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.