Channing Global Advisors LLC boosted its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 8.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,397 shares of the software company's stock after buying an additional 1,113 shares during the period. Adobe makes up approximately 3.8% of Channing Global Advisors LLC's investment portfolio, making the stock its 10th largest holding. Channing Global Advisors LLC's holdings in Adobe were worth $5,522,000 at the end of the most recent quarter.
Other hedge funds have also bought and sold shares of the company. Copia Wealth Management purchased a new stake in Adobe in the 4th quarter worth approximately $28,000. SWAN Capital LLC purchased a new position in shares of Adobe during the 4th quarter valued at approximately $28,000. Summit Securities Group LLC purchased a new position in shares of Adobe during the 4th quarter valued at approximately $31,000. Bernard Wealth Management Corp. purchased a new position in shares of Adobe during the 4th quarter valued at approximately $36,000. Finally, Mascoma Wealth Management LLC lifted its position in shares of Adobe by 142.9% during the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock valued at $38,000 after buying an additional 50 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.
Adobe Stock Down 0.3%
Shares of ADBE opened at $376.92 on Friday. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The company has a market capitalization of $160.64 billion, a PE ratio of 24.12, a price-to-earnings-growth ratio of 1.79 and a beta of 1.55. The stock has a fifty day simple moving average of $389.67 and a two-hundred day simple moving average of $416.35. The company has a quick ratio of 1.18, a current ratio of 0.99 and a debt-to-equity ratio of 0.54.
Analysts Set New Price Targets
A number of research analysts have recently issued reports on the company. Mizuho decreased their target price on Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a research report on Friday, June 13th. Piper Sandler decreased their target price on Adobe from $600.00 to $500.00 and set an "overweight" rating on the stock in a research report on Wednesday, April 23rd. Phillip Securities upgraded Adobe from a "moderate sell" rating to a "strong-buy" rating in a research report on Monday, June 16th. BMO Capital Markets reiterated an "outperform" rating and set a $450.00 target price on shares of Adobe in a research report on Friday, June 13th. Finally, DA Davidson reissued a "buy" rating and issued a $500.00 price objective on shares of Adobe in a research note on Friday. Nine equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $496.75.
Read Our Latest Research Report on ADBE
About Adobe
(
Free Report)
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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