Spinnaker Investment Group LLC Acquires Shares of 968 Adobe Inc. (NASDAQ:ADBE)

Spinnaker Investment Group LLC bought a new stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 968 shares of the software company's stock, valued at approximately $371,000.

Other institutional investors have also recently modified their holdings of the company. Siemens Fonds Invest GmbH lifted its position in shares of 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 buying an additional 39,888 shares during the last quarter. SWAN Capital LLC bought a new position in Adobe in the fourth quarter valued at about $28,000. Copia Wealth Management bought a new position in Adobe in the fourth quarter valued at about $28,000. Summit Securities Group LLC bought a new position in Adobe in the fourth quarter valued at about $31,000. Finally, Garde Capital Inc. bought a new position in Adobe in the first quarter valued at about $34,000. 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 Monday. The business's 50 day simple moving average is $389.67 and its two-hundred day simple moving average is $415.50. The firm has a market cap of $160.64 billion, a P/E ratio of 24.12, a PEG ratio of 1.79 and a beta of 1.55. 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 52-week low of $332.01 and a 52-week high of $587.75.

Analysts Set New Price Targets

Several equities analysts have commented on ADBE shares. UBS Group increased their target price on Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a research report on Monday, June 9th. Royal Bank Of Canada reissued an "outperform" rating and issued a $480.00 price target on shares of Adobe in a research note on Thursday, June 5th. Wells Fargo & Company reissued an "overweight" rating and issued a $470.00 price target (up previously from $430.00) on shares of Adobe in a research note on Friday, June 13th. Morgan Stanley decreased their price target on Adobe from $600.00 to $510.00 and set an "overweight" rating for the company in a research note on Wednesday, April 16th. Finally, Oppenheimer decreased their price target on Adobe from $530.00 to $500.00 and set an "outperform" rating for the company in a research note on Friday, June 13th. Nine research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $496.75.

Adobe Company 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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