Intact Investment Management Inc. Grows Position in Adobe Inc. (NASDAQ:ADBE)

Intact Investment Management Inc. lifted its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 51.4% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 3,785 shares of the software company's stock after buying an additional 1,285 shares during the quarter. Intact Investment Management Inc.'s holdings in Adobe were worth $1,452,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the stock. Sepio Capital LP increased its position in Adobe by 2.3% in 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 last quarter. Cadence Bank increased its position in Adobe by 0.5% in the fourth quarter. Cadence Bank now owns 4,883 shares of the software company's stock worth $2,171,000 after purchasing an additional 22 shares during the last quarter. Eagle Strategies LLC increased its position in Adobe by 1.5% in the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company's stock worth $651,000 after purchasing an additional 22 shares during the last quarter. RB Capital Management LLC increased its position in Adobe by 0.4% in the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company's stock worth $2,198,000 after purchasing an additional 22 shares during the last quarter. Finally, Orin Green Financial LLC increased its position in Adobe by 3.8% in the fourth quarter. Orin Green Financial LLC now owns 621 shares of the software company's stock worth $276,000 after purchasing an additional 23 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. KeyCorp upgraded shares of Adobe from an "underweight" rating to a "sector weight" rating in a research report on Friday, March 21st. JPMorgan Chase & Co. reduced their price target on shares of Adobe from $580.00 to $540.00 and set an "overweight" rating on the stock in a research report on Thursday, March 13th. Bank of America boosted their price target on shares of Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a research report on Friday, June 13th. Mizuho dropped their price objective on shares of Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a research note on Friday, June 13th. Finally, Summit Redstone set a $410.00 price objective on shares of Adobe in a research note on Wednesday, March 19th. Nine analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $496.75.

Adobe Trading Down 0.3%

Shares of ADBE traded down $1.12 during trading hours on Friday, reaching $376.92. 8,089,833 shares of the company traded hands, compared to its average volume of 3,392,807. The firm has a market cap of $160.64 billion, a price-to-earnings ratio of 24.12, a PEG ratio of 1.79 and a beta of 1.55. Adobe Inc. has a 12-month low of $332.01 and a 12-month 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. The stock's fifty day moving average price is $389.67 and its 200 day moving average price is $415.50.

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.