Canton Hathaway LLC Increases Position in Adobe Inc. (NASDAQ:ADBE)

Canton Hathaway LLC increased its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 2,052.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,442 shares of the software company's stock after acquiring an additional 1,375 shares during the period. Canton Hathaway LLC's holdings in Adobe were worth $553,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Brighton Jones LLC grew its holdings in Adobe by 2.1% in the fourth quarter. Brighton Jones LLC now owns 8,068 shares of the software company's stock valued at $3,588,000 after purchasing an additional 167 shares during the period. Union Bancaire Privee UBP SA purchased a new position in shares of Adobe in the fourth quarter valued at approximately $76,712,000. Bank Pictet & Cie Europe AG lifted its position in shares of Adobe by 2.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company's stock valued at $12,882,000 after acquiring an additional 756 shares in the last quarter. Private Advisor Group LLC lifted its position in shares of Adobe by 4.4% in the fourth quarter. Private Advisor Group LLC now owns 25,475 shares of the software company's stock valued at $11,328,000 after acquiring an additional 1,082 shares in the last quarter. Finally, Concurrent Investment Advisors LLC lifted its position in Adobe by 2.2% during the fourth quarter. Concurrent Investment Advisors LLC now owns 4,243 shares of the software company's stock worth $1,887,000 after buying an additional 90 shares in the last quarter. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Down 0.3%

NASDAQ:ADBE traded down $1.12 during mid-day trading on Friday, hitting $376.92. The company had a trading volume of 8,089,833 shares, compared to its average volume of 3,392,807. The business has a fifty day simple moving average of $389.67 and a 200-day simple moving average of $416.35. The company has a current ratio of 0.99, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The firm has a market capitalization of $160.64 billion, a price-to-earnings ratio of 24.12, a PEG ratio of 1.79 and a beta of 1.55.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Bank of America lifted their target price on Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a research report on Friday, June 13th. Robert W. Baird upped their price objective on Adobe from $410.00 to $425.00 and gave the stock a "neutral" rating in a research report on Monday, June 16th. KeyCorp raised Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. BMO Capital Markets reaffirmed an "outperform" rating and set a $450.00 price objective on shares of Adobe in a research note on Friday, June 13th. Finally, Citigroup reduced their price objective on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a research note on Monday, June 16th. Nine analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Adobe presently has an average rating of "Moderate Buy" and a consensus price target of $496.75.

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.