Adobe Inc. (NASDAQ:ADBE) Position Trimmed by Private Wealth Partners LLC

Private Wealth Partners LLC lowered its stake in Adobe Inc. (NASDAQ:ADBE) by 5.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 47,459 shares of the software company’s stock after selling 2,990 shares during the quarter. Adobe makes up 1.5% of Private Wealth Partners LLC’s investment portfolio, making the stock its 22nd largest holding. Private Wealth Partners LLC’s holdings in Adobe were worth $18,202,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also made changes to their positions in ADBE. Sepio Capital LP grew its holdings in Adobe by 2.3% during the fourth quarter. Sepio Capital LP now owns 993 shares of the software company’s stock worth $442,000 after purchasing an additional 22 shares during the period. Cadence Bank grew its holdings in Adobe by 0.5% in the 4th quarter. Cadence Bank now owns 4,883 shares of the software company’s stock valued at $2,171,000 after buying an additional 22 shares in the last quarter. Eagle Strategies LLC increased its position in Adobe by 1.5% during the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company’s stock worth $651,000 after acquiring an additional 22 shares during the period. RB Capital Management LLC increased its holdings in shares of Adobe by 0.4% during the fourth quarter. RB Capital Management LLC now owns 4,944 shares of the software company’s stock worth $2,198,000 after purchasing an additional 22 shares during the period. Finally, Orin Green Financial LLC raised its holdings in Adobe by 3.8% in the 4th quarter. Orin Green Financial LLC now owns 621 shares of the software company’s stock valued at $276,000 after acquiring an additional 23 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Down 1.2%

Shares of NASDAQ ADBE opened at $378.04 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 50-day moving average price of $389.19 and a 200-day moving average price of $418.14. The stock has a market capitalization of $161.12 billion, a P/E ratio of 24.19, a P/E/G ratio of 1.79 and a beta of 1.55. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75.

Analysts Set New Price Targets

Several equities analysts have recently commented on ADBE shares. Piper Sandler dropped their target price on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. Evercore ISI reissued an “outperform” rating and set a $475.00 price objective on shares of Adobe in a report on Friday, June 13th. Robert W. Baird boosted their price target on Adobe from $410.00 to $425.00 and gave the stock a “neutral” rating in a report on Monday. Citigroup dropped their price objective on shares of Adobe from $465.00 to $450.00 and set a “neutral” rating for the company in a report on Monday. Finally, UBS Group raised their price target 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. Nine analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $494.67.

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.