North Point Portfolio Managers Corp OH Acquires 9,471 Shares of Adobe Inc. (NASDAQ:ADBE)

North Point Portfolio Managers Corp OH increased its position in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 65.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 23,876 shares of the software company's stock after purchasing an additional 9,471 shares during the period. North Point Portfolio Managers Corp OH's holdings in Adobe were worth $9,157,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Siemens Fonds Invest GmbH lifted its holdings in Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company's stock worth $25,000 after purchasing an additional 39,888 shares during the last quarter. SWAN Capital LLC acquired a new stake in Adobe during the 4th quarter worth approximately $28,000. Copia Wealth Management acquired a new stake in Adobe during the 4th quarter worth approximately $28,000. Summit Securities Group LLC acquired a new stake in Adobe during the 4th quarter worth approximately $31,000. Finally, Garde Capital Inc. acquired a new stake in Adobe during the 1st quarter worth approximately $34,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Trading Up 0.8%

Shares of ADBE stock traded up $3.20 on Monday, hitting $380.12. The company had a trading volume of 3,829,436 shares, compared to its average volume of 3,394,594. The firm has a market cap of $162.01 billion, a P/E ratio of 24.32, a P/E/G ratio of 1.79 and a beta of 1.55. The stock's 50-day moving average is $389.67 and its two-hundred day moving average is $415.50. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.18 and a current ratio of 0.99. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on ADBE shares. Citigroup dropped their price objective on Adobe from $465.00 to $450.00 and set a "neutral" rating for the company in a report on Monday, June 16th. Bank of America lifted their price objective on Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a report on Friday, June 13th. Jefferies Financial Group dropped their price objective on Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a report on Monday, March 31st. Robert W. Baird lifted their price objective on Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a report on Monday, June 16th. Finally, Mizuho dropped their price objective on Adobe from $575.00 to $530.00 and set an "outperform" rating for the company in a report on Friday, June 13th. Nine investment 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 company currently has an average rating of "Moderate Buy" and an average price target of $496.75.

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.