PFG Investments LLC Sells 3,810 Shares of Adobe Inc. (NASDAQ:ADBE)

PFG Investments LLC lowered its position in Adobe Inc. (NASDAQ:ADBE - Free Report) by 42.2% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 5,220 shares of the software company's stock after selling 3,810 shares during the quarter. PFG Investments LLC's holdings in Adobe were worth $2,002,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in ADBE. Geode Capital Management LLC boosted its holdings in shares of Adobe by 1.4% in the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company's stock worth $4,739,788,000 after acquiring an additional 151,286 shares during the period. Norges Bank purchased a new stake in Adobe during the 4th quarter worth about $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Adobe by 12.7% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company's stock worth $2,375,345,000 after purchasing an additional 600,146 shares during the period. Northern Trust Corp grew its holdings in Adobe by 14.5% during the 4th quarter. Northern Trust Corp now owns 5,314,215 shares of the software company's stock valued at $2,363,125,000 after buying an additional 672,919 shares in the last quarter. Finally, Edgewood Management LLC increased its position in shares of Adobe by 20.7% during the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company's stock valued at $1,805,009,000 after buying an additional 696,172 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Down 0.3%

Shares of NASDAQ:ADBE opened at $376.92 on Friday. The stock has a market capitalization of $160.64 billion, a P/E ratio of 24.12, a price-to-earnings-growth ratio of 1.79 and a beta of 1.55. The stock's 50-day moving average price is $389.67 and its 200-day moving average price is $416.35. The company has a current ratio of 0.99, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75.

Analyst Ratings Changes

A number of research firms have recently commented on ADBE. Phillip Securities upgraded shares of Adobe from a "moderate sell" rating to a "strong-buy" rating in a research report on Monday, June 16th. Royal Bank Of Canada reissued an "outperform" rating and issued a $480.00 price target on shares of Adobe in a report on Thursday, June 5th. Morgan Stanley reduced their price target on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research report on Wednesday, April 16th. Bank of America increased their price objective on Adobe from $424.00 to $475.00 and gave the stock a "buy" rating in a research report on Friday, June 13th. Finally, Wells Fargo & Company restated an "overweight" rating and issued a $470.00 target price (up from $430.00) on shares of Adobe in a research note on Friday, June 13th. Nine research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $496.75.

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.

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