Elevation Point Wealth Partners LLC trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 24.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,029 shares of the software company's stock after selling 654 shares during the quarter. Elevation Point Wealth Partners LLC's holdings in Adobe were worth $778,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of the stock. Geode Capital Management LLC boosted its holdings in Adobe by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock valued at $4,739,788,000 after acquiring an additional 151,286 shares during the period. Norges Bank acquired a new position in shares of Adobe during the 4th quarter worth about $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Adobe by 12.7% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock valued at $2,375,345,000 after purchasing an additional 600,146 shares during the period. Northern Trust Corp grew its holdings in Adobe by 14.5% in the 4th quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock valued at $2,363,125,000 after buying an additional 672,919 shares during the last quarter. Finally, Edgewood Management LLC grew its holdings in Adobe by 20.7% in the 4th quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock valued at $1,805,009,000 after buying an additional 696,172 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
Several research firms have recently weighed in on ADBE. Summit Redstone set a $410.00 price objective on Adobe in a research report on Wednesday, March 19th. Mizuho cut their target price on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research note on Friday. Wells Fargo & Company restated an "overweight" rating and issued a $470.00 price target (up from $430.00) on shares of Adobe in a research report on Friday. DA Davidson cut their price objective on shares of Adobe from $600.00 to $450.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, Redburn Atlantic started coverage on shares of Adobe in a research note on Wednesday, February 19th. They issued a "neutral" rating for the company. Nine investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $494.67.
Get Our Latest Stock Report on ADBE
Insider Transactions at Adobe
In related news, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.16% of the stock is owned by company insiders.
Adobe Price Performance
Shares of NASDAQ:ADBE traded up $10.05 during trading on Monday, reaching $401.73. The stock had a trading volume of 6,792,036 shares, compared to its average volume of 3,395,030. The stock has a market capitalization of $171.22 billion, a PE ratio of 32.40, a P/E/G ratio of 2.15 and a beta of 1.55. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The business's 50-day moving average price is $386.76 and its 200 day moving average price is $420.43.
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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