4,040 Shares in Adobe Inc. (NASDAQ:ADBE) Purchased by Advisor Resource Council

Advisor Resource Council acquired a new position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm acquired 4,040 shares of the software company's stock, valued at approximately $1,549,000.

Several other hedge funds and other institutional investors also recently modified their holdings of ADBE. Geode Capital Management LLC grew its position in Adobe by 1.4% in the 4th quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock valued at $4,739,788,000 after buying an additional 151,286 shares during the last quarter. Norges Bank acquired a new stake in shares of Adobe in the 4th quarter worth $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Adobe by 12.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock valued at $2,375,345,000 after acquiring an additional 600,146 shares in the last quarter. Northern Trust Corp increased its stake in shares of Adobe by 14.5% during the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock worth $2,363,125,000 after acquiring an additional 672,919 shares during the period. Finally, Edgewood Management LLC raised its holdings in Adobe by 20.7% during the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock worth $1,805,009,000 after purchasing an additional 696,172 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Price Performance

ADBE stock traded down $1.12 during trading on Friday, hitting $376.92. The stock had a trading volume of 8,089,833 shares, compared to its average volume of 3,392,807. The stock has a market cap of $160.64 billion, a price-to-earnings ratio of 24.12, a price-to-earnings-growth ratio of 1.79 and a beta of 1.55. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.18 and a current ratio of 0.99. The company's 50 day moving average price is $389.67 and its two-hundred day moving average price is $416.35. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. KeyCorp raised Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. Oppenheimer decreased their price target on Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research note on Friday, June 13th. BMO Capital Markets reaffirmed an "outperform" rating and set a $450.00 price objective on shares of Adobe in a report on Friday, June 13th. Evercore ISI reissued an "outperform" rating and issued a $475.00 target price on shares of Adobe in a report on Friday, June 13th. Finally, Wells Fargo & Company restated an "overweight" rating and set a $470.00 target price (up from $430.00) on shares of Adobe in a research report on Friday, June 13th. Nine research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued 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.

Adobe Company 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.