Weaver Capital Management LLC cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 41.6% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 2,883 shares of the software company's stock after selling 2,055 shares during the quarter. Weaver Capital Management LLC's holdings in Adobe were worth $1,106,000 as of its most recent SEC filing.
Several other hedge funds also recently made changes to their positions in ADBE. Norges Bank bought a new position in shares of Adobe during the fourth quarter worth approximately $2,553,035,000. GAMMA Investing LLC increased its holdings in shares of Adobe by 46,806.6% during the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company's stock worth $1,147,049,000 after purchasing an additional 2,984,391 shares during the period. Proficio Capital Partners LLC increased its holdings in shares of Adobe by 82,528.8% during the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company's stock worth $463,701,000 after purchasing an additional 1,041,513 shares during the period. Arrowstreet Capital Limited Partnership increased its holdings in shares of Adobe by 82.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company's stock worth $937,291,000 after purchasing an additional 952,233 shares during the period. Finally, Two Sigma Advisers LP increased its holdings in shares of Adobe by 1,414.5% during the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company's stock worth $395,321,000 after purchasing an additional 830,300 shares during the period. 81.79% of the stock is owned by institutional investors.
Adobe Price Performance
Shares of NASDAQ ADBE opened at $376.92 on Friday. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The firm has a fifty day simple moving average of $389.67 and a 200 day simple moving average of $417.18. The company has a market capitalization of $160.64 billion, a PE ratio of 24.12, a P/E/G ratio of 1.79 and a beta of 1.55. The company has a quick ratio of 1.18, a current ratio of 0.99 and a debt-to-equity ratio of 0.54.
Wall Street Analysts Forecast Growth
Several research analysts have recently commented on the stock. Summit Redstone set a $410.00 target price on shares of Adobe in a report on Wednesday, March 19th. BMO Capital Markets reissued an "outperform" rating and issued a $450.00 price objective on shares of Adobe in a research note on Friday, June 13th. UBS Group lifted their price objective on shares of Adobe from $380.00 to $430.00 and gave the company a "neutral" rating in a research note on Monday, June 9th. Robert W. Baird lifted their price objective on shares of Adobe from $410.00 to $425.00 and gave the company a "neutral" rating in a research note on Monday, June 16th. Finally, Morgan Stanley decreased their price objective on shares of Adobe from $600.00 to $510.00 and set an "overweight" rating on the stock in a research note on Wednesday, April 16th. Nine research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, Adobe currently has a consensus rating of "Moderate Buy" and an average price target of $496.75.
Check Out Our Latest Stock Analysis on Adobe
About Adobe
(
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.
Further Reading
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