Harvey Investment Co. LLC Buys 13,010 Shares of Adobe Inc. (NASDAQ:ADBE)

Harvey Investment Co. LLC boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 204.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 19,381 shares of the software company's stock after purchasing an additional 13,010 shares during the quarter. Harvey Investment Co. LLC's holdings in Adobe were worth $7,433,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the stock. Sepio Capital LP boosted its position in Adobe by 2.3% during the fourth quarter. Sepio Capital LP now owns 993 shares of the software company's stock worth $442,000 after purchasing an additional 22 shares during the period. Cadence Bank boosted its position in shares of Adobe by 0.5% in the fourth quarter. Cadence Bank now owns 4,883 shares of the software company's stock valued at $2,171,000 after acquiring an additional 22 shares during the period. Eagle Strategies LLC boosted its position in shares of Adobe by 1.5% in the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock valued at $651,000 after acquiring an additional 22 shares during the period. RB Capital Management LLC boosted its position in shares of Adobe by 0.4% in the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock valued at $2,198,000 after acquiring an additional 22 shares during the period. Finally, Orin Green Financial LLC boosted its position in shares of Adobe by 3.8% in the fourth quarter. Orin Green Financial LLC now owns 621 shares of the software company's stock valued at $276,000 after acquiring an additional 23 shares during the period. Institutional investors own 81.79% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on ADBE shares. Royal Bank Of Canada reissued an "outperform" rating and issued a $480.00 price objective on shares of Adobe in a research report on Thursday, June 5th. Wall Street Zen raised Adobe from a "hold" rating to a "buy" rating in a research report on Thursday, May 22nd. Wells Fargo & Company reissued an "overweight" rating and issued a $470.00 price objective (up from $430.00) on shares of Adobe in a research report on Friday, June 13th. DA Davidson reissued a "buy" rating and issued a $500.00 price objective on shares of Adobe in a research report on Friday. 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 report on Monday, June 16th. Nine investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Adobe presently has an average rating of "Moderate Buy" and an average price target of $496.75.

Adobe Stock Down 0.3%

Shares of NASDAQ ADBE opened at $376.92 on Friday. The stock has a market cap of $160.64 billion, a PE ratio of 24.12, a PEG ratio of 1.79 and a beta of 1.55. The business has a fifty day moving average of $389.67 and a two-hundred day moving average of $416.35. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.18 and a current ratio of 0.99.

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.

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