Atticus Wealth Management LLC Purchases 377 Shares of Adobe Inc. (NASDAQ:ADBE)

Atticus Wealth Management LLC boosted its position in Adobe Inc. (NASDAQ:ADBE) by 63.1% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 974 shares of the software company’s stock after acquiring an additional 377 shares during the quarter. Atticus Wealth Management LLC’s holdings in Adobe were worth $374,000 as of its most recent filing with the Securities & Exchange Commission.

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

Wall Street Analysts Forecast Growth

Several research firms have issued reports on ADBE. UBS Group upped their price target on shares of Adobe from $380.00 to $430.00 and gave the company a “neutral” rating in a research report on Monday, June 9th. Oppenheimer cut 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. JPMorgan Chase & Co. cut their price target on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Wells Fargo & Company restated an “overweight” rating and set a $470.00 price target (up from $430.00) on shares of Adobe in a research report on Friday, June 13th. Finally, DA Davidson restated a “buy” rating and set a $500.00 price target on shares of Adobe in a research report on Friday. Nine equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $496.75.

Adobe Trading Down 0.3%

ADBE opened at $376.92 on Friday. The stock has a market cap of $160.64 billion, a PE ratio of 24.12, a PEG 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. The business has a 50 day moving average of $389.67 and a 200-day moving average of $416.35. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75.

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.