Balboa Wealth Partners Acquires 699 Shares of Adobe Inc. (NASDAQ:ADBE)

Balboa Wealth Partners lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 13.1% in the 1st quarter, Holdings Channel reports. The fund owned 6,020 shares of the software company’s stock after acquiring an additional 699 shares during the quarter. Balboa Wealth Partners’ holdings in Adobe were worth $2,309,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Brighton Jones LLC grew its stake in shares of Adobe by 2.1% during the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock worth $3,588,000 after acquiring an additional 167 shares in the last quarter. Bank Pictet & Cie Europe AG increased its stake in Adobe by 2.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company’s stock valued at $12,882,000 after buying an additional 756 shares during the last quarter. MONECO Advisors LLC lifted its position in Adobe by 14.0% during the 4th quarter. MONECO Advisors LLC now owns 832 shares of the software company’s stock worth $370,000 after buying an additional 102 shares in the last quarter. Conscious Wealth Investments LLC boosted its stake in shares of Adobe by 8.9% during the 4th quarter. Conscious Wealth Investments LLC now owns 5,101 shares of the software company’s stock worth $2,193,000 after buying an additional 416 shares during the last quarter. Finally, Roffman Miller Associates Inc. PA grew its holdings in shares of Adobe by 6.1% in the 4th quarter. Roffman Miller Associates Inc. PA now owns 42,388 shares of the software company’s stock valued at $18,849,000 after acquiring an additional 2,429 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Performance

NASDAQ:ADBE opened at $380.12 on Tuesday. 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 twelve month low of $332.01 and a twelve month high of $587.75. The stock has a market cap of $162.01 billion, a P/E ratio of 24.32, a PEG ratio of 1.79 and a beta of 1.55. The business’s 50-day moving average price is $390.26 and its two-hundred day moving average price is $414.29.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. BMO Capital Markets restated an “outperform” rating and issued a $450.00 price target on shares of Adobe in a research note on Friday, June 13th. Jefferies Financial Group lowered their price target on Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. Royal Bank Of Canada restated an “outperform” rating and set a $480.00 target price on shares of Adobe in a research note on Thursday, June 5th. JPMorgan Chase & Co. decreased 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. Finally, Robert W. Baird lifted their price target on shares of Adobe from $410.00 to $425.00 and gave the company a “neutral” rating in a research report on Monday, June 16th. Nine 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 company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $496.75.

About Adobe

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.