Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Chicago Capital LLC

Chicago Capital LLC grew its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 2.7% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 39,867 shares of the software company's stock after purchasing an additional 1,048 shares during the period. Chicago Capital LLC's holdings in Adobe were worth $15,290,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Norges Bank purchased a new position in Adobe in the 4th quarter valued at about $2,553,035,000. GAMMA Investing LLC increased its position in shares of Adobe by 46,806.6% during the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock worth $1,147,049,000 after acquiring an additional 2,984,391 shares during the last quarter. Proficio Capital Partners LLC grew its position in shares of Adobe by 82,528.8% during the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company's stock worth $463,701,000 after buying an additional 1,041,513 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of Adobe by 82.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock worth $937,291,000 after buying an additional 952,233 shares during the last quarter. Finally, Two Sigma Advisers LP raised its holdings in Adobe by 1,414.5% in the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock valued at $395,321,000 after acquiring an additional 830,300 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on ADBE shares. UBS Group boosted their target price on shares of Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research report on Monday, June 9th. Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. Robert W. Baird upped their price objective on Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research note on Monday. Piper Sandler reduced their target price on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a report on Wednesday, April 23rd. Finally, Stifel Nicolaus lowered their price target on Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a report on Friday, June 13th. Nine equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $494.67.

Adobe Stock Performance

ADBE traded down $4.64 during trading hours on Thursday, hitting $378.04. The company's stock had a trading volume of 4,800,560 shares, compared to its average volume of 3,396,194. The company has a 50-day simple moving average of $389.19 and a 200 day simple moving average of $418.14. The company has a current ratio of 0.99, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $161.12 billion, a PE ratio of 24.19, a PEG ratio of 1.79 and a beta of 1.55. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75.

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.