Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Sagespring Wealth Partners LLC

Sagespring Wealth Partners LLC increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 45.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,336 shares of the software company's stock after acquiring an additional 1,349 shares during the quarter. Sagespring Wealth Partners LLC's holdings in Adobe were worth $1,663,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Arizona State Retirement System raised its stake in Adobe by 0.4% during the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock worth $56,784,000 after acquiring an additional 570 shares during the period. Burling Wealth Partners LLC acquired a new stake in shares of Adobe in the fourth quarter valued at approximately $1,173,000. Horan Capital Advisors LLC. increased its stake in shares of Adobe by 2.4% in the fourth quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company's stock valued at $2,162,000 after purchasing an additional 114 shares during the period. Proficio Capital Partners LLC increased its stake in shares of Adobe by 85.8% in the fourth quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company's stock valued at $1,043,000 after purchasing an additional 1,083 shares during the period. Finally, LFA Lugano Financial Advisors SA acquired a new stake in shares of Adobe in the fourth quarter valued at approximately $38,000. Institutional investors and hedge funds own 81.79% of the company's stock.

Insider Activity at Adobe

In related news, CFO Daniel Durn bought 1,300 shares of the business's stock in a transaction on Thursday, March 20th. The stock was bought at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This represents a 4.55% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.16% of the stock is owned by insiders.

Adobe Stock Up 2.6%

Shares of NASDAQ:ADBE opened at $401.73 on Tuesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The company has a market cap of $171.22 billion, a PE ratio of 32.40, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The firm has a 50 day simple moving average of $388.00 and a 200 day simple moving average of $419.64.

Analysts Set New Price Targets

Several equities research analysts have commented on the stock. UBS Group raised their price target on shares of Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a research note on Monday, June 9th. Oppenheimer dropped their price target on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research note on Friday. Mizuho dropped their price target on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a research note on Friday. Wells Fargo & Company reiterated an "overweight" rating and issued a $470.00 price objective (up from $430.00) on shares of Adobe in a report on Friday. Finally, Robert W. Baird increased their price objective on shares of Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a report on Monday. Nine analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus 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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