1858 Wealth Management LLC Grows Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

1858 Wealth Management LLC raised its stake in Adobe Inc. (NASDAQ:ADBE) by 36.2% during the first quarter, Holdings Channel reports. The firm owned 2,282 shares of the software company’s stock after purchasing an additional 606 shares during the period. 1858 Wealth Management LLC’s holdings in Adobe were worth $875,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. Sepio Capital LP boosted its holdings in Adobe by 2.3% during the fourth quarter. Sepio Capital LP now owns 993 shares of the software company’s stock valued at $442,000 after acquiring an additional 22 shares during the period. Cadence Bank lifted its stake in shares of Adobe by 0.5% in the fourth 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 during the period. Eagle Strategies LLC raised its position in Adobe by 1.5% in the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company’s stock worth $651,000 after purchasing an additional 22 shares in the last quarter. RB Capital Management LLC raised its position in Adobe by 0.4% in 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 in the last quarter. Finally, Orin Green Financial LLC raised its position in Adobe by 3.8% in the fourth quarter. Orin Green Financial LLC now owns 621 shares of the software company’s stock worth $276,000 after purchasing an additional 23 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Trading Down 0.3%

ADBE opened at $376.92 on Friday. The stock has a market capitalization 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. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The firm’s fifty day simple moving average is $389.67 and its 200 day simple moving average is $416.35. The company has a current ratio of 0.99, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54.

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of research analyst reports. Oppenheimer cut their target price on shares of Adobe from $530.00 to $500.00 and set an “outperform” rating for the company in a research note on Friday, June 13th. Robert W. Baird lifted their target price 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. Phillip Securities raised shares of Adobe from a “moderate sell” rating to a “strong-buy” rating in a report on Monday, June 16th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $470.00 target price (up previously from $430.00) on shares of Adobe in a report on Friday, June 13th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Nine analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $496.75.

About Adobe

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.