Covea Finance purchased a new position in Adobe Inc. (NASDAQ:ADBE - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 75,889 shares of the software company's stock, valued at approximately $29,106,000. Adobe accounts for about 1.3% of Covea Finance's investment portfolio, making the stock its 23rd largest position.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Arizona State Retirement System grew its stake in Adobe by 0.4% in the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock worth $56,784,000 after purchasing an additional 570 shares during the period. Burling Wealth Partners LLC purchased a new stake in Adobe in the fourth quarter worth $1,173,000. Sound Income Strategies LLC grew its stake in Adobe by 17.6% in the first quarter. Sound Income Strategies LLC now owns 308 shares of the software company's stock worth $118,000 after purchasing an additional 46 shares during the period. Horan Capital Advisors LLC. grew its stake in shares of Adobe by 2.4% in the fourth quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company's stock worth $2,162,000 after acquiring an additional 114 shares during the last quarter. Finally, Proficio Capital Partners LLC grew its stake in shares of Adobe by 85.8% in the fourth quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company's stock worth $1,043,000 after acquiring an additional 1,083 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.
Adobe Stock Down 0.3%
ADBE stock opened at $376.92 on Friday. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The business's 50-day moving average is $389.67 and its two-hundred day moving average is $417.18. 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 company has a market cap of $160.64 billion, a price-to-earnings ratio of 24.12, a P/E/G ratio of 1.79 and a beta of 1.55.
Wall Street Analyst Weigh In
A number of equities research analysts have recently commented on ADBE shares. KeyCorp raised Adobe from an "underweight" rating to a "sector weight" rating in a research note on Friday, March 21st. Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. Morgan Stanley cut their target price on Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Summit Redstone set a $410.00 target price on Adobe in a research note on Wednesday, March 19th. Finally, JPMorgan Chase & Co. cut their target price on Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Nine analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Adobe currently has a consensus rating of "Moderate Buy" and a consensus price target of $496.75.
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About Adobe
(
Free Report)
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.
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