Norris Perne & French LLP MI Buys 23,434 Shares of Adobe Inc. (NASDAQ:ADBE)

Norris Perne & French LLP MI grew its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 51.5% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 68,948 shares of the software company's stock after purchasing an additional 23,434 shares during the quarter. Adobe comprises about 2.0% of Norris Perne & French LLP MI's portfolio, making the stock its 19th biggest holding. Norris Perne & French LLP MI's holdings in Adobe were worth $26,444,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in ADBE. Arizona State Retirement System raised its stake in Adobe by 0.4% in the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock valued at $56,784,000 after buying an additional 570 shares during the period. Burling Wealth Partners LLC bought a new stake in Adobe in the 4th quarter valued at $1,173,000. Sound Income Strategies LLC lifted its holdings in Adobe by 17.6% during the 1st quarter. Sound Income Strategies LLC now owns 308 shares of the software company's stock valued at $118,000 after purchasing an additional 46 shares during the last quarter. Horan Capital Advisors LLC. boosted its position in Adobe by 2.4% during the fourth quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company's stock worth $2,162,000 after purchasing an additional 114 shares during the period. Finally, Proficio Capital Partners LLC boosted its position in Adobe by 85.8% during the fourth quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company's stock worth $1,043,000 after purchasing an additional 1,083 shares during the period. Institutional investors own 81.79% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the stock. Phillip Securities upgraded shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a research note on Monday. DA Davidson lowered their price target on shares of Adobe from $600.00 to $450.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Wall Street Zen upgraded Adobe from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $480.00 target price on shares of Adobe in a research report on Thursday, June 5th. Finally, Citigroup dropped their price target on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a report on Monday. 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. Based on data from MarketBeat.com, Adobe presently has an average rating of "Moderate Buy" and a consensus price target of $494.67.

Adobe Stock Down 1.2%

NASDAQ ADBE opened at $378.04 on Thursday. The business has a fifty day moving average price of $388.63 and a two-hundred day moving average price of $419.09. The stock has a market capitalization of $161.12 billion, a PE ratio of 24.19, a PEG ratio of 1.81 and a beta of 1.55. 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 0.54, a current ratio of 0.99 and a quick ratio of 1.18.

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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