Exchange Traded Concepts LLC Has $7.59 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Exchange Traded Concepts LLC cut its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 17.8% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 19,785 shares of the software company's stock after selling 4,295 shares during the period. Exchange Traded Concepts LLC's holdings in Adobe were worth $7,588,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Cornell Pochily Investment Advisors Inc. boosted its holdings in Adobe by 15.3% during the first quarter. Cornell Pochily Investment Advisors Inc. now owns 1,303 shares of the software company's stock worth $500,000 after purchasing an additional 173 shares during the last quarter. Sound Income Strategies LLC lifted its position in shares of Adobe by 17.6% during the 1st quarter. Sound Income Strategies LLC now owns 308 shares of the software company's stock worth $118,000 after buying an additional 46 shares during the last quarter. Prentice Wealth Management LLC grew its holdings in shares of Adobe by 3.7% during the 1st quarter. Prentice Wealth Management LLC now owns 1,625 shares of the software company's stock valued at $623,000 after purchasing an additional 58 shares during the last quarter. Aries Wealth Management increased its stake in shares of Adobe by 42.1% in the first quarter. Aries Wealth Management now owns 1,755 shares of the software company's stock valued at $673,000 after buying an additional 520 shares during the period. Finally, Ritholtz Wealth Management increased its position in shares of Adobe by 1.1% during the first quarter. Ritholtz Wealth Management now owns 16,561 shares of the software company's stock worth $6,352,000 after buying an additional 176 shares during the period. 81.79% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have commented on ADBE shares. UBS Group boosted their price target on shares of Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a research note on Monday, June 9th. Stifel Nicolaus reduced their target price on Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a report on Friday. Wells Fargo & Company restated an "overweight" rating and set a $470.00 price objective (up previously from $430.00) on shares of Adobe in a research report on Friday. Citigroup dropped their target price on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a research report on Monday. Finally, Redburn Atlantic assumed coverage on shares of Adobe in a report on Wednesday, February 19th. They issued a "neutral" rating for the company. Nine equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $494.67.

Insider Buying and Selling at Adobe

In other news, CFO Daniel Durn bought 1,300 shares of the firm's stock in a transaction dated Thursday, March 20th. The stock was bought at an average price of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, the chief financial officer now owns 29,876 shares in the company, valued at $11,668,968.08. The trade was a 4.55% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 0.16% of the stock is owned by corporate insiders.

Adobe Stock Up 2.6%

Shares of NASDAQ:ADBE traded up $10.05 during trading on Monday, hitting $401.73. The company's stock had a trading volume of 6,793,632 shares, compared to its average volume of 3,395,034. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The company has a market capitalization of $171.22 billion, a PE ratio of 32.40, a P/E/G ratio of 2.15 and a beta of 1.55. The business has a 50 day moving average price of $386.76 and a two-hundred day moving average price of $420.43.

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.