Adobe Inc. (NASDAQ:ADBE) Stake Lowered by Solstein Capital LLC

Solstein Capital LLC cut its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 92.8% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 266 shares of the software company's stock after selling 3,440 shares during the quarter. Solstein Capital LLC's holdings in Adobe were worth $102,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Cyndeo Wealth Partners LLC grew its holdings in Adobe by 2.9% in the 1st quarter. Cyndeo Wealth Partners LLC now owns 7,764 shares of the software company's stock worth $2,978,000 after buying an additional 216 shares in the last quarter. Trust Co. of Toledo NA OH boosted its stake in shares of Adobe by 6.7% during the 1st quarter. Trust Co. of Toledo NA OH now owns 3,574 shares of the software company's stock worth $1,371,000 after acquiring an additional 224 shares in the last quarter. Fairvoy Private Wealth LLC boosted its stake in shares of Adobe by 35.0% during the 1st quarter. Fairvoy Private Wealth LLC now owns 6,786 shares of the software company's stock worth $2,602,000 after acquiring an additional 1,759 shares in the last quarter. Optas LLC boosted its stake in shares of Adobe by 32.1% during the 1st quarter. Optas LLC now owns 1,250 shares of the software company's stock worth $479,000 after acquiring an additional 304 shares in the last quarter. Finally, Asio Capital LLC boosted its position in shares of Adobe by 2.3% in the first quarter. Asio Capital LLC now owns 12,870 shares of the software company's stock worth $4,936,000 after buying an additional 285 shares during the period. 81.79% of the stock is owned by institutional investors.

Adobe Stock Down 5.3%

Shares of ADBE opened at $391.68 on Monday. The company 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. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The business's 50 day simple moving average is $386.76 and its 200-day simple moving average is $420.43.

Insider Transactions at Adobe

In other Adobe news, CFO Daniel Durn bought 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now directly owns 29,876 shares of the company's stock, valued at $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.16% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts have recently commented on ADBE shares. UBS Group raised their target price on Adobe from $380.00 to $430.00 and gave the stock a "neutral" rating in a research report on Monday, June 9th. Oppenheimer cut their target price on Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a report on Friday. Robert W. Baird cut their target price on Adobe from $490.00 to $410.00 and set a "neutral" rating on the stock in a report on Wednesday, March 19th. BMO Capital Markets reiterated an "outperform" rating and issued a $450.00 price objective on shares of Adobe in a research note on Friday. Finally, Redburn Atlantic began coverage on Adobe in a research note on Wednesday, February 19th. They issued a "neutral" rating on the stock. Nine analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $494.67.

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.

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