Wealth Enhancement Advisory Services LLC Buys 4,306 Shares of Adobe Inc. (NASDAQ:ADBE)

Wealth Enhancement Advisory Services LLC grew its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 3.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 115,461 shares of the software company's stock after acquiring an additional 4,306 shares during the quarter. Wealth Enhancement Advisory Services LLC's holdings in Adobe were worth $44,283,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC grew its holdings in Adobe by 2.1% during the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock worth $3,588,000 after buying an additional 167 shares in the last quarter. Union Bancaire Privee UBP SA bought a new stake in Adobe during the fourth quarter worth $76,712,000. Bank Pictet & Cie Europe AG grew its holdings in Adobe by 2.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock worth $12,882,000 after buying an additional 756 shares in the last quarter. Private Advisor Group LLC grew its holdings in Adobe by 4.4% during the fourth quarter. Private Advisor Group LLC now owns 25,475 shares of the software company's stock worth $11,328,000 after buying an additional 1,082 shares in the last quarter. Finally, Concurrent Investment Advisors LLC grew its holdings in Adobe by 2.2% during the fourth quarter. Concurrent Investment Advisors LLC now owns 4,243 shares of the software company's stock worth $1,887,000 after buying an additional 90 shares in the last quarter. Institutional investors own 81.79% of the company's stock.

Adobe Stock Performance

Shares of NASDAQ ADBE traded down $1.12 during trading on Friday, reaching $376.92. 8,089,833 shares of the stock traded hands, compared to its average volume of 3,392,807. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 1.18. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The stock has a market capitalization of $160.64 billion, a P/E ratio of 24.12, a price-to-earnings-growth ratio of 1.79 and a beta of 1.55. The company has a 50-day moving average of $389.67 and a 200-day moving average of $416.35.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on ADBE shares. Wells Fargo & Company reiterated an "overweight" rating and set a $470.00 price target (up previously from $430.00) on shares of Adobe in a report on Friday, June 13th. Mizuho decreased their price target on Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a report on Friday, June 13th. Citigroup decreased their price target on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a report on Monday, June 16th. Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Finally, Summit Redstone set a $410.00 price objective on Adobe in a research report on Wednesday, March 19th. Nine equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Adobe currently has a consensus rating of "Moderate Buy" and an average 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.