Adobe Inc. (NASDAQ:ADBE) Position Raised by Sawgrass Asset Management LLC

Sawgrass Asset Management LLC grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 36.2% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 40,613 shares of the software company's stock after purchasing an additional 10,802 shares during the period. Adobe makes up approximately 1.9% of Sawgrass Asset Management LLC's holdings, making the stock its 9th largest position. Sawgrass Asset Management LLC's holdings in Adobe were worth $15,576,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Brighton Jones LLC increased its holdings in shares of Adobe by 2.1% during the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock valued at $3,588,000 after acquiring an additional 167 shares in the last quarter. Union Bancaire Privee UBP SA purchased a new stake in Adobe during the 4th quarter valued at about $76,712,000. Bank Pictet & Cie Europe AG increased its stake in Adobe by 2.7% during 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 purchasing an additional 756 shares in the last quarter. Denver PWM LLC raised its holdings in Adobe by 71.3% in the fourth quarter. Denver PWM LLC now owns 173 shares of the software company's stock worth $77,000 after buying an additional 72 shares during the last quarter. Finally, Cohen Capital Management Inc. raised its holdings in Adobe by 24.6% in the fourth quarter. Cohen Capital Management Inc. now owns 3,037 shares of the software company's stock worth $1,350,000 after buying an additional 600 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Down 0.3%

Shares of ADBE stock opened at $376.92 on Monday. The company has a current ratio of 0.99, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The stock has a market cap of $160.64 billion, a P/E ratio of 24.12, a P/E/G ratio of 1.79 and a beta of 1.55. The company has a 50 day simple moving average of $389.67 and a two-hundred day simple moving average of $415.50.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ADBE. Jefferies Financial Group cut their price target on shares of Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a report on Monday, March 31st. Piper Sandler cut their target price on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 23rd. Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. KeyCorp raised Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. Finally, Wells Fargo & Company reaffirmed an "overweight" rating and set a $470.00 price objective (up from $430.00) on shares of Adobe in a research report on Friday, June 13th. Nine investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $496.75.

Adobe Company 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.

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