Norway Savings Bank Buys 668 Shares of Adobe Inc. (NASDAQ:ADBE)

Norway Savings Bank raised its holdings in Adobe Inc. (NASDAQ:ADBE - Free Report) by 29.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,930 shares of the software company's stock after acquiring an additional 668 shares during the period. Norway Savings Bank's holdings in Adobe were worth $1,124,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Sepio Capital LP lifted its position in Adobe by 2.3% during the 4th quarter. Sepio Capital LP now owns 993 shares of the software company's stock worth $442,000 after acquiring an additional 22 shares during the period. Cadence Bank grew 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 acquiring an additional 22 shares during the period. Eagle Strategies LLC lifted its stake in Adobe by 1.5% during 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 in the last quarter. RB Capital Management LLC raised its stake 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 in the last quarter. Finally, Orin Green Financial LLC raised its stake in 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 buying an additional 23 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ADBE. KeyCorp raised Adobe from an "underweight" rating to a "sector weight" rating in a report on Friday, March 21st. Oppenheimer decreased their target price on shares of Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a research report on Friday, June 13th. Bank of America raised their price objective on shares of Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a research note on Friday, June 13th. DA Davidson restated a "buy" rating and set a $500.00 price target on shares of Adobe in a report on Friday. Finally, Stifel Nicolaus decreased their target price on shares of Adobe from $525.00 to $480.00 and set a "buy" rating on the stock in a research report on Friday, June 13th. Nine investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Adobe currently has a consensus rating of "Moderate Buy" and an average target price of $496.75.

Adobe Trading Down 0.3%

NASDAQ:ADBE traded down $1.12 during trading hours on Friday, hitting $376.92. The company had a trading volume of 8,089,833 shares, compared to its average volume of 3,392,807. The stock has a 50-day moving average price of $389.67 and a 200 day moving average price of $416.35. The company has a market capitalization of $160.64 billion, a PE ratio of 24.12, a price-to-earnings-growth ratio of 1.79 and a beta of 1.55. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 1.18. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75.

Adobe Profile

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.