Synergy Asset Management LLC boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 508.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 37,834 shares of the software company's stock after buying an additional 31,619 shares during the period. Adobe comprises 1.8% of Synergy Asset Management LLC's portfolio, making the stock its 17th largest holding. Synergy Asset Management LLC's holdings in Adobe were worth $14,510,000 at the end of the most recent quarter.
A number of other institutional investors have also recently bought and sold shares of the business. Absher Wealth Management LLC lifted its holdings in shares of Adobe by 22.3% during the 1st quarter. Absher Wealth Management LLC now owns 5,373 shares of the software company's stock worth $2,061,000 after acquiring an additional 980 shares during the period. Intact Investment Management Inc. lifted its stake in Adobe by 51.4% during the first quarter. Intact Investment Management Inc. now owns 3,785 shares of the software company's stock worth $1,452,000 after purchasing an additional 1,285 shares during the period. Garde Capital Inc. bought a new position in Adobe during the first quarter worth about $34,000. Canton Hathaway LLC lifted its stake in Adobe by 2,052.2% during the first quarter. Canton Hathaway LLC now owns 1,442 shares of the software company's stock worth $553,000 after purchasing an additional 1,375 shares during the period. Finally, Suncoast Equity Management lifted its position in shares of Adobe by 1.7% during the 1st quarter. Suncoast Equity Management now owns 67,104 shares of the software company's stock worth $25,736,000 after buying an additional 1,103 shares during the period. Institutional investors and hedge funds own 81.79% of the company's stock.
Analyst Ratings Changes
Several brokerages recently commented on ADBE. Evercore ISI reaffirmed an "outperform" rating and issued a $475.00 price target on shares of Adobe in a research note on Friday, June 13th. Phillip Securities raised Adobe from a "moderate sell" rating to a "strong-buy" rating in a report on Monday, June 16th. Piper Sandler cut their price target on shares of Adobe from $600.00 to $500.00 and set an "overweight" rating for the company in a report on Wednesday, April 23rd. Jefferies Financial Group cut their price target on shares of Adobe from $650.00 to $590.00 and set a "buy" rating for the company in a report on Monday, March 31st. Finally, Bank of America lifted their target price on shares of Adobe from $424.00 to $475.00 and gave the company a "buy" rating in a research note on Friday, June 13th. Nine equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $496.75.
View Our Latest Report on ADBE
Adobe Trading Down 0.3%
ADBE opened at $376.92 on Friday. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 1.18. The company has a market cap of $160.64 billion, a price-to-earnings ratio of 24.12, a price-to-earnings-growth ratio of 1.79 and a beta of 1.55. The firm has a 50 day simple moving average of $389.67 and a 200 day simple moving average of $416.35. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75.
Adobe Profile
(
Free Report)
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.
See Also
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