Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Lorne Steinberg Wealth Management Inc.

Lorne Steinberg Wealth Management Inc. grew its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 17.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm owned 12,545 shares of the software company's stock after purchasing an additional 1,829 shares during the quarter. Lorne Steinberg Wealth Management Inc.'s holdings in Adobe were worth $4,811,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Copia Wealth Management bought a new stake in Adobe in the fourth quarter worth about $28,000. SWAN Capital LLC bought a new stake in shares of Adobe in the 4th quarter worth approximately $28,000. Summit Securities Group LLC acquired a new stake in Adobe during the fourth quarter valued at approximately $31,000. Bernard Wealth Management Corp. bought a new stake in Adobe during the fourth quarter worth approximately $36,000. Finally, Mascoma Wealth Management LLC grew its position in Adobe by 142.9% in the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock worth $38,000 after buying an additional 50 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Down 5.3%

Shares of Adobe stock opened at $391.68 on Monday. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. The stock has a 50 day moving average price of $386.76 and a two-hundred day moving average price of $420.43. The stock has a market capitalization of $166.93 billion, a P/E ratio of 31.59, a PEG ratio of 2.15 and a beta of 1.55.

Insider Transactions at Adobe

In related news, CFO Daniel Durn acquired 1,300 shares of the stock in a transaction dated Thursday, March 20th. The shares were acquired at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. The trade was a 4.55% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.16% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several research reports. BMO Capital Markets reissued an "outperform" rating and set a $450.00 price objective on shares of Adobe in a research note on Friday. Summit Redstone set a $410.00 price target on Adobe in a research report on Wednesday, March 19th. Stifel Nicolaus dropped their price target on Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a research note on Friday. Piper Sandler reduced their price objective on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Finally, Wall Street Zen upgraded shares of Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Nine research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $494.67.

Adobe 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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