Adobe Inc. (NASDAQ:ADBE) Shares Acquired by World Equity Group Inc.

World Equity Group Inc. lifted its position in Adobe Inc. (NASDAQ:ADBE) by 96.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,368 shares of the software company’s stock after purchasing an additional 673 shares during the period. World Equity Group Inc.’s holdings in Adobe were worth $531,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Norway Savings Bank boosted its position in Adobe by 29.5% during the first quarter. Norway Savings Bank now owns 2,930 shares of the software company’s stock worth $1,124,000 after purchasing an additional 668 shares in the last quarter. GAM Holding AG lifted its position in shares of Adobe by 18.2% during the 1st quarter. GAM Holding AG now owns 20,585 shares of the software company’s stock valued at $7,895,000 after buying an additional 3,168 shares in the last quarter. Mizuho Securities Co. Ltd. grew its stake in Adobe by 290.9% in the 1st quarter. Mizuho Securities Co. Ltd. now owns 430 shares of the software company’s stock valued at $165,000 after acquiring an additional 320 shares during the period. Advocate Group LLC grew its stake in Adobe by 10.7% in the 1st quarter. Advocate Group LLC now owns 13,714 shares of the software company’s stock valued at $5,260,000 after acquiring an additional 1,331 shares during the period. Finally, Jamison Private Wealth Management Inc. increased its holdings in Adobe by 12.1% in the 1st quarter. Jamison Private Wealth Management Inc. now owns 1,915 shares of the software company’s stock worth $734,000 after acquiring an additional 207 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ADBE has been the topic of several research analyst reports. KeyCorp upgraded shares of Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. JPMorgan Chase & Co. lowered their price objective on Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. Morgan Stanley reduced their target price on Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Wells Fargo & Company reaffirmed an “overweight” rating and issued a $470.00 price target (up from $430.00) on shares of Adobe in a research note on Friday, June 13th. Finally, Stifel Nicolaus reduced their price objective on Adobe from $525.00 to $480.00 and set a “buy” rating for the company in a research note on Friday, June 13th. Nine research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $496.75.

Adobe Stock Performance

Shares of Adobe stock opened at $376.92 on Friday. The firm has a market cap of $160.64 billion, a PE 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 Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The business’s fifty day simple moving average is $389.67 and its 200-day simple moving average is $416.35.

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.