Davidson Capital Management Inc. Has $2.66 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Davidson Capital Management Inc. grew its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 36,405.3% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,936 shares of the software company's stock after buying an additional 6,917 shares during the quarter. Davidson Capital Management Inc.'s holdings in Adobe were worth $2,660,000 as of its most recent filing with the SEC.

Several other hedge funds also recently made changes to their positions in ADBE. Copia Wealth Management purchased a new position in Adobe during the fourth quarter worth about $28,000. SWAN Capital LLC purchased a new position in shares of Adobe during the 4th quarter worth approximately $28,000. Summit Securities Group LLC acquired a new stake in shares of Adobe in the 4th quarter valued at approximately $31,000. Bernard Wealth Management Corp. acquired a new stake in shares of Adobe in the 4th quarter valued at approximately $36,000. Finally, Mascoma Wealth Management LLC grew its holdings in Adobe by 142.9% during the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock worth $38,000 after acquiring an additional 50 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.

Adobe Stock Down 1.2%

ADBE stock traded down $4.64 during midday trading on Thursday, reaching $378.04. The company had a trading volume of 4,800,560 shares, compared to its average volume of 3,396,194. The company has a 50 day moving average of $388.63 and a two-hundred day moving average of $419.09. The company has a market capitalization of $161.12 billion, a P/E ratio of 24.19, a PEG ratio of 1.81 and a beta of 1.55. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The company has a current ratio of 0.99, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54.

Analyst Ratings Changes

A number of equities research analysts have commented on ADBE shares. Oppenheimer reduced their target price on Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a report on Friday, June 13th. JPMorgan Chase & Co. decreased their price target on Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a research note on Thursday, March 13th. Phillip Securities raised Adobe from a "moderate sell" rating to a "strong-buy" rating in a research note on Monday. Citigroup reduced their price objective on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a report on Monday. Finally, Morgan Stanley dropped their target price on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a report on Wednesday, April 16th. 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. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $494.67.

About Adobe

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.