World Equity Group Inc. Acquires 673 Shares of Adobe Inc. (NASDAQ:ADBE)

World Equity Group Inc. increased its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 96.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,368 shares of the software company's stock after acquiring an additional 673 shares during the period. World Equity Group Inc.'s holdings in Adobe were worth $531,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Sepio Capital LP boosted its position in Adobe by 2.3% in the fourth quarter. Sepio Capital LP now owns 993 shares of the software company's stock valued at $442,000 after buying an additional 22 shares in the last quarter. Cadence Bank boosted its position in Adobe by 0.5% in the fourth quarter. Cadence Bank now owns 4,883 shares of the software company's stock valued at $2,171,000 after buying an additional 22 shares in the last quarter. Eagle Strategies LLC lifted its holdings in shares of Adobe by 1.5% during the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock worth $651,000 after purchasing an additional 22 shares during the period. RB Capital Management LLC lifted its holdings in shares of Adobe by 0.4% during the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock worth $2,198,000 after purchasing an additional 22 shares during the period. Finally, Orin Green Financial LLC lifted its holdings in shares of Adobe by 3.8% during the fourth quarter. Orin Green Financial LLC now owns 621 shares of the software company's stock worth $276,000 after purchasing an additional 23 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Down 0.3%

Adobe stock traded down $1.12 during midday trading on Friday, hitting $376.92. 8,089,833 shares of the stock were exchanged, 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 company has a quick ratio of 1.18, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The business's 50-day moving average price is $389.67 and its 200-day moving average price is $415.50. The stock has a market capitalization of $160.64 billion, a price-to-earnings ratio of 24.12, a price-to-earnings-growth ratio of 1.79 and a beta of 1.55.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ADBE. Bank of America lifted their price target on shares of Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a report on Friday, June 13th. Stifel Nicolaus cut their price target on shares of Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a report on Friday, June 13th. Piper Sandler cut their price target on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. DA Davidson reissued a "buy" rating and set a $500.00 target price on shares of Adobe in a research note on Friday. Finally, Citigroup lowered their target price on shares of Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a research note on Monday, June 16th. Nine equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price 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.