Praxis Investment Management Inc. Raises Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Praxis Investment Management Inc. grew its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 348.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 11,687 shares of the software company's stock after buying an additional 9,080 shares during the period. Praxis Investment Management Inc.'s holdings in Adobe were worth $4,482,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Marietta Wealth Management LLC boosted its stake in Adobe by 36.7% in the 1st quarter. Marietta Wealth Management LLC now owns 21,326 shares of the software company's stock worth $8,179,000 after purchasing an additional 5,722 shares during the period. World Equity Group Inc. boosted its stake in Adobe by 96.8% in the 1st quarter. World Equity Group Inc. now owns 1,368 shares of the software company's stock worth $531,000 after purchasing an additional 673 shares during the period. Norway Savings Bank boosted its stake in Adobe by 29.5% in the 1st quarter. Norway Savings Bank now owns 2,930 shares of the software company's stock worth $1,124,000 after purchasing an additional 668 shares during the period. GAM Holding AG boosted its stake in Adobe by 18.2% in the 1st quarter. GAM Holding AG now owns 20,585 shares of the software company's stock worth $7,895,000 after purchasing an additional 3,168 shares during the period. Finally, Mizuho Securities Co. Ltd. boosted its stake in Adobe by 290.9% in the 1st quarter. Mizuho Securities Co. Ltd. now owns 430 shares of the software company's stock worth $165,000 after purchasing an additional 320 shares during the period. Hedge funds and other institutional investors own 81.79% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have commented on ADBE shares. Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. Phillip Securities upgraded Adobe from a "moderate sell" rating to a "strong-buy" rating in a research note on Monday, June 16th. Bank of America raised their target price on Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a research note on Friday, June 13th. KeyCorp raised Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. Finally, Piper Sandler lowered their price target on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Nine investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Adobe has a consensus rating of "Moderate Buy" and a consensus price target of $496.75.

Adobe Stock Down 0.3%

Shares of ADBE stock traded down $1.12 during mid-day trading on Friday, hitting $376.92. The company's stock had a trading volume of 8,089,833 shares, compared to its average volume of 3,392,807. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The business has a 50-day moving average price of $389.67 and a 200 day moving average price of $416.35. 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 market cap 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 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.