Advocate Group LLC Boosts Stake in Adobe Inc. (NASDAQ:ADBE)

Advocate Group LLC boosted its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 10.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 13,714 shares of the software company's stock after acquiring an additional 1,331 shares during the period. Advocate Group LLC's holdings in Adobe were worth $5,260,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Arizona State Retirement System boosted its holdings in Adobe by 0.4% in 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 in the last quarter. Burling Wealth Partners LLC bought a new position in shares of Adobe in the fourth quarter valued at approximately $1,173,000. Sound Income Strategies LLC lifted its holdings in shares of Adobe by 17.6% in the first quarter. Sound Income Strategies LLC now owns 308 shares of the software company's stock valued at $118,000 after purchasing an additional 46 shares in the last quarter. Horan Capital Advisors LLC. lifted its holdings 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 in the last quarter. Finally, Proficio Capital Partners LLC lifted its holdings 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 in the last quarter. Institutional investors own 81.79% of the company's stock.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of recent research reports. Mizuho dropped their target price on Adobe from $575.00 to $530.00 and set an "outperform" rating on the stock in a report on Friday, June 13th. Wells Fargo & Company restated an "overweight" rating and issued a $470.00 target price (up previously from $430.00) on shares of Adobe in a report on Friday, June 13th. Phillip Securities upgraded Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday, June 16th. DA Davidson restated a "buy" rating and issued a $500.00 target price on shares of Adobe in a report on Friday. Finally, Evercore ISI restated an "outperform" rating and issued a $475.00 target price on shares of Adobe in a report on Friday, June 13th. Nine investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Adobe currently has a consensus rating of "Moderate Buy" and a consensus target price of $496.75.

Adobe Stock Performance

Shares of ADBE traded down $1.12 during mid-day 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 firm has a market cap of $160.64 billion, a P/E ratio of 24.12, a PEG ratio of 1.79 and a beta of 1.55. The business has a fifty day moving average price of $389.67 and a 200-day moving average price of $416.35. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 1.18. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75.

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.