Suncoast Equity Management Boosts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Suncoast Equity Management increased its stake in Adobe Inc. (NASDAQ:ADBE - Free Report) by 1.7% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 67,104 shares of the software company's stock after buying an additional 1,103 shares during the period. Adobe accounts for about 2.9% of Suncoast Equity Management's holdings, making the stock its 19th largest holding. Suncoast Equity Management's holdings in Adobe were worth $25,736,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Copia Wealth Management purchased a new stake in Adobe during the 4th quarter valued at $28,000. SWAN Capital LLC purchased a new stake in Adobe during the 4th quarter valued at $28,000. Summit Securities Group LLC purchased a new stake in Adobe during the 4th quarter valued at $31,000. Bernard Wealth Management Corp. purchased a new stake in Adobe during the 4th quarter valued at $36,000. Finally, Mascoma Wealth Management LLC boosted its stake in Adobe by 142.9% during the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company's stock valued at $38,000 after purchasing an additional 50 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Adobe Price Performance

Shares of Adobe stock opened at $376.92 on Friday. Adobe Inc. has a one year low of $332.01 and a one year high of $587.75. The stock's fifty day moving average is $389.67 and its 200 day moving average is $417.18. The stock has a market cap of $160.64 billion, a P/E ratio of 24.12, a P/E/G 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.

Wall Street Analyst Weigh In

Several brokerages have commented on ADBE. Oppenheimer cut their target price on Adobe from $530.00 to $500.00 and set an "outperform" rating on the stock in a research note on Friday, June 13th. BMO Capital Markets reiterated an "outperform" rating and set a $450.00 target price on shares of Adobe in a research note on Friday, June 13th. Phillip Securities upgraded Adobe from a "moderate sell" rating to a "strong-buy" rating in a research note on Monday, June 16th. UBS Group increased their target price on Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a research note on Monday, June 9th. Finally, Royal Bank Of Canada restated an "outperform" rating and issued a $480.00 price target on shares of Adobe in a research note on Thursday, June 5th. Nine 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. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price 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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