Canoe Financial LP Grows Stock Position in Adobe Inc. (NASDAQ:ADBE)

Canoe Financial LP grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 929.1% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 242,925 shares of the software company's stock after purchasing an additional 219,319 shares during the quarter. Canoe Financial LP owned approximately 0.06% of Adobe worth $93,169,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Norges Bank acquired a new stake in shares of Adobe in the fourth quarter valued at approximately $2,553,035,000. GAMMA Investing LLC boosted its stake in Adobe by 46,806.6% during the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock worth $1,147,049,000 after buying an additional 2,984,391 shares during the last quarter. Proficio Capital Partners LLC grew its holdings in Adobe by 82,528.8% in the 4th quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company's stock valued at $463,701,000 after buying an additional 1,041,513 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its stake in shares of Adobe by 82.4% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock worth $937,291,000 after acquiring an additional 952,233 shares during the last quarter. Finally, Two Sigma Advisers LP increased its stake in shares of Adobe by 1,414.5% in the 4th quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock worth $395,321,000 after acquiring an additional 830,300 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Trading Down 0.3%

Adobe stock traded down $1.12 during midday trading on Friday, reaching $376.92. 8,089,833 shares of the stock traded hands, compared to its average volume of 3,392,807. The firm has a market cap 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 company has a current ratio of 0.99, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54. The company has a 50-day simple moving average of $389.67 and a two-hundred day simple moving average of $416.35. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75.

Analyst Ratings Changes

Several brokerages have recently weighed in on ADBE. JPMorgan Chase & Co. lowered their price target on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Bank of America boosted their target price on shares of Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a report on Friday, June 13th. Wall Street Zen raised shares of Adobe from a "hold" rating to a "buy" rating in a research note on Thursday, May 22nd. Jefferies Financial Group reduced their price target on shares of Adobe from $650.00 to $590.00 and set a "buy" rating on the stock in a research report on Monday, March 31st. Finally, Stifel Nicolaus decreased their price objective on Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a report on Friday, June 13th. Nine 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. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus 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.