Adobe Inc. (NASDAQ:ADBE) Shares Bought by Shariaportfolio Inc.

Shariaportfolio Inc. increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 94.0% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 6,527 shares of the software company’s stock after purchasing an additional 3,163 shares during the quarter. Adobe accounts for about 1.3% of Shariaportfolio Inc.’s holdings, making the stock its 12th largest holding. Shariaportfolio Inc.’s holdings in Adobe were worth $2,503,000 as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of ADBE. Spinnaker Investment Group LLC acquired a new position in shares of Adobe during the first quarter valued at approximately $371,000. Sawgrass Asset Management LLC raised its holdings in shares of Adobe by 36.2% during the first quarter. Sawgrass Asset Management LLC now owns 40,613 shares of the software company’s stock valued at $15,576,000 after acquiring an additional 10,802 shares during the last quarter. Stiles Financial Services Inc raised its holdings in shares of Adobe by 17.9% during the first quarter. Stiles Financial Services Inc now owns 5,558 shares of the software company’s stock valued at $2,131,000 after acquiring an additional 843 shares during the last quarter. Palumbo Wealth Management LLC raised its holdings in shares of Adobe by 68.2% during the first quarter. Palumbo Wealth Management LLC now owns 3,814 shares of the software company’s stock valued at $1,463,000 after acquiring an additional 1,546 shares during the last quarter. Finally, Flagship Harbor Advisors LLC raised its holdings in shares of Adobe by 2.6% during the first quarter. Flagship Harbor Advisors LLC now owns 8,201 shares of the software company’s stock valued at $3,145,000 after acquiring an additional 211 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on ADBE shares. Evercore ISI reissued an “outperform” rating and set a $475.00 target price on shares of Adobe in a report on Friday, June 13th. UBS Group increased their target price on Adobe from $380.00 to $430.00 and gave the company a “neutral” rating in a report on Monday, June 9th. Robert W. Baird increased their target price on Adobe from $410.00 to $425.00 and gave the company a “neutral” rating in a report on Monday, June 16th. Citigroup reduced their target price on Adobe from $465.00 to $450.00 and set a “neutral” rating for the company in a report on Monday, June 16th. Finally, Wall Street Zen upgraded Adobe from a “hold” rating to a “buy” rating in a research report on Thursday, May 22nd. Nine equities research 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 stock. According to MarketBeat, Adobe has a consensus rating of “Moderate Buy” and an average price target of $496.75.

Adobe Trading Down 0.3%

Shares of Adobe stock opened at $376.92 on Monday. The firm has a market capitalization of $160.64 billion, a price-to-earnings ratio of 24.12, a PEG ratio of 1.79 and a beta of 1.55. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. 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 of $389.67 and a 200 day moving average of $415.50.

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.