Adobe Inc. (NASDAQ:ADBE) Shares Bought by Shariaportfolio Inc.

Shariaportfolio Inc. grew its position in shares of Adobe Inc. (NASDAQ:ADBE) by 94.0% during the first quarter, Holdings Channel reports. The firm owned 6,527 shares of the software company’s stock after acquiring an additional 3,163 shares during the quarter. Adobe makes up approximately 1.3% of Shariaportfolio Inc.’s portfolio, making the stock its 12th biggest holding. Shariaportfolio Inc.’s holdings in Adobe were worth $2,503,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Sepio Capital LP raised its holdings in shares of 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 buying an additional 22 shares during the last quarter. Cadence Bank raised its holdings in shares of Adobe by 0.5% during 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 last quarter. Eagle Strategies LLC raised its holdings in shares of Adobe by 1.5% during the fourth quarter. Eagle Strategies LLC now owns 1,465 shares of the software company’s stock valued at $651,000 after buying an additional 22 shares during the last quarter. RB Capital Management LLC raised 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 valued at $2,198,000 after buying an additional 22 shares during the last quarter. Finally, Orin Green Financial LLC raised its holdings in shares of Adobe by 3.8% during the fourth quarter. Orin Green Financial LLC now owns 621 shares of the software company’s stock valued at $276,000 after buying an additional 23 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Down 0.3%

Shares of Adobe stock opened at $376.92 on Monday. The stock’s fifty day moving average is $389.67 and its 200-day moving average is $415.50. The firm has a market capitalization of $160.64 billion, a PE ratio of 24.12, a price-to-earnings-growth 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. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on ADBE. Bank of America lifted their price target on Adobe from $424.00 to $475.00 and gave the company a “buy” rating in a report on Friday, June 13th. Wells Fargo & Company reaffirmed an “overweight” rating and set a $470.00 price target (up from $430.00) on shares of Adobe in a research note on Friday, June 13th. Royal Bank Of Canada reissued an “outperform” rating and issued a $480.00 price objective on shares of Adobe in a research note on Thursday, June 5th. Morgan Stanley dropped their price objective on Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a research note on Wednesday, April 16th. Finally, Jefferies Financial Group dropped their price objective on Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Nine investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus 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.