Ridgewood Investments LLC bought a new position in Adobe Inc. (NASDAQ:ADBE – Free Report) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 248 shares of the software company’s stock, valued at approximately $96,000.
Other institutional investors have also recently added to or reduced their stakes in the company. VELA Investment Management LLC boosted its stake in Adobe by 122.2% during the first quarter. VELA Investment Management LLC now owns 1,958 shares of the software company’s stock worth $892,000 after acquiring an additional 1,077 shares in the last quarter. Bornite Capital Management LP bought a new position in shares of Adobe during the 1st quarter worth about $15,947,000. United Bank grew its stake in shares of Adobe by 34.7% in the 1st quarter. United Bank now owns 2,109 shares of the software company’s stock valued at $961,000 after buying an additional 543 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in Adobe by 21.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 525,897 shares of the software company’s stock valued at $239,609,000 after buying an additional 91,328 shares in the last quarter. Finally, Ergoteles LLC raised its stake in Adobe by 138.3% during the 1st quarter. Ergoteles LLC now owns 6,651 shares of the software company’s stock worth $3,030,000 after buying an additional 3,860 shares during the period. 79.41% of the stock is owned by institutional investors and hedge funds.
Adobe Stock Performance
Shares of ADBE opened at $485.27 on Monday. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.16 and a quick ratio of 1.12. The firm has a market cap of $221.19 billion, a PE ratio of 46.30, a PEG ratio of 2.92 and a beta of 1.32. Adobe Inc. has a 1 year low of $274.73 and a 1 year high of $518.74. The stock’s fifty day moving average price is $423.10 and its two-hundred day moving average price is $381.10.
Analyst Ratings Changes
Several research firms have recently commented on ADBE. Erste Group Bank upgraded Adobe from a “hold” rating to a “buy” rating in a report on Tuesday, March 28th. Barclays boosted their price target on shares of Adobe from $485.00 to $540.00 in a research note on Friday, June 16th. Jefferies Financial Group upped their price objective on shares of Adobe from $440.00 to $530.00 in a report on Monday, June 12th. The Goldman Sachs Group lifted their price objective on shares of Adobe from $480.00 to $550.00 in a report on Friday, June 16th. Finally, Bank of America upped their target price on shares of Adobe from $480.00 to $575.00 in a report on Friday, June 16th. Fourteen analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $511.19.
Insider Buying and Selling
In other Adobe news, EVP Scott Belsky sold 3,000 shares of the stock in a transaction on Tuesday, May 2nd. The stock was sold at an average price of $374.56, for a total transaction of $1,123,680.00. Following the sale, the executive vice president now owns 24,683 shares in the company, valued at $9,245,264.48. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Adobe news, Director John E. Warnock sold 672 shares of Adobe stock in a transaction dated Thursday, April 20th. The stock was sold at an average price of $378.94, for a total transaction of $254,647.68. Following the completion of the transaction, the director now owns 378,965 shares of the company’s stock, valued at approximately $143,604,997.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott Belsky sold 3,000 shares of the stock in a transaction dated Tuesday, May 2nd. The stock was sold at an average price of $374.56, for a total transaction of $1,123,680.00. Following the completion of the sale, the executive vice president now directly owns 24,683 shares in the company, valued at $9,245,264.48. The disclosure for this sale can be found here. In the last ninety days, insiders sold 47,272 shares of company stock valued at $21,895,444. Company insiders own 0.24% of the company’s stock.
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.
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