Grimes & Company Inc. Has $15.73 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Grimes & Company Inc. boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 167.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 41,005 shares of the software company's stock after buying an additional 25,672 shares during the quarter. Grimes & Company Inc.'s holdings in Adobe were worth $15,727,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Arizona State Retirement System boosted its holdings in Adobe by 0.4% during the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock valued at $56,784,000 after acquiring an additional 570 shares during the period. Burling Wealth Partners LLC bought a new stake in Adobe during the fourth quarter valued at about $1,173,000. Sound Income Strategies LLC boosted its holdings in Adobe by 17.6% during the first quarter. Sound Income Strategies LLC now owns 308 shares of the software company's stock valued at $118,000 after acquiring an additional 46 shares during the period. Horan Capital Advisors LLC. boosted its holdings in Adobe by 2.4% during the fourth quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company's stock valued at $2,162,000 after acquiring an additional 114 shares during the period. Finally, Proficio Capital Partners LLC boosted its holdings in Adobe by 85.8% during the fourth quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company's stock valued at $1,043,000 after acquiring an additional 1,083 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Redburn Atlantic assumed coverage on shares of Adobe in a report on Wednesday, February 19th. They set a "neutral" rating for the company. Phillip Securities upgraded shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday. Robert W. Baird upped their price target on shares of Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a report on Monday. Stifel Nicolaus reduced their target price on shares of Adobe from $525.00 to $480.00 and set a "buy" rating for the company in a research note on Friday, June 13th. Finally, Piper Sandler reduced their target price on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a research note on Wednesday, April 23rd. Nine analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $494.67.

Adobe Price Performance

ADBE traded down $4.64 during midday trading on Thursday, reaching $378.04. 4,800,560 shares of the company's stock were exchanged, compared to its average volume of 3,396,194. The firm has a market capitalization of $161.12 billion, a price-to-earnings ratio of 24.19, a price-to-earnings-growth ratio of 1.79 and a beta of 1.55. The company has a quick ratio of 1.18, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The business has a 50-day simple moving average of $389.19 and a two-hundred day simple moving average of $418.14.

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.