Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Courier Capital LLC

Courier Capital LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 16.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 579 shares of the software company’s stock after buying an additional 80 shares during the period. Courier Capital LLC’s holdings in Adobe were worth $222,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Capital Investment Advisors LLC lifted its stake in shares of Adobe by 10.2% during the first quarter. Capital Investment Advisors LLC now owns 7,000 shares of the software company’s stock worth $2,685,000 after buying an additional 649 shares during the period. Wedge Capital Management L L P NC lifted its position in Adobe by 4.4% during the first quarter. Wedge Capital Management L L P NC now owns 859 shares of the software company’s stock valued at $329,000 after purchasing an additional 36 shares during the period. Broadway Wealth Solutions Inc. lifted its position in Adobe by 14.9% during the first quarter. Broadway Wealth Solutions Inc. now owns 662 shares of the software company’s stock valued at $254,000 after purchasing an additional 86 shares during the period. Kennebec Savings Bank lifted its position in Adobe by 7.3% during the first quarter. Kennebec Savings Bank now owns 1,243 shares of the software company’s stock valued at $477,000 after purchasing an additional 85 shares during the period. Finally, KMG Fiduciary Partners LLC acquired a new position in Adobe during the first quarter valued at $1,949,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Adobe

In related news, CFO Daniel Durn bought 1,300 shares of the business’s stock in a transaction dated Thursday, March 20th. The stock was acquired at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. Corporate insiders own 0.16% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts recently issued reports on ADBE shares. KeyCorp upgraded shares of Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Royal Bank of Canada restated an “outperform” rating and set a $480.00 target price on shares of Adobe in a research report on Thursday, June 5th. Evercore ISI decreased their target price on shares of Adobe from $650.00 to $550.00 and set an “outperform” rating for the company in a research report on Thursday, March 13th. BMO Capital Markets decreased their target price on shares of Adobe from $495.00 to $450.00 and set an “outperform” rating for the company in a research report on Wednesday, April 16th. Finally, Summit Redstone set a $410.00 target price on shares of Adobe in a research report on Wednesday, March 19th. Nine investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $503.33.

Adobe Stock Down 0.0%

ADBE stock opened at $416.06 on Wednesday. The stock has a market capitalization of $177.32 billion, a P/E ratio of 33.55, a P/E/G ratio of 2.15 and a beta of 1.55. The firm has a 50-day simple moving average of $382.99 and a 200-day simple moving average of $423.44. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75.

Adobe (NASDAQ:ADBE) last released its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts’ consensus estimates of $4.97 by $0.11. The business had revenue of $5.71 billion during the quarter, compared to analysts’ expectations of $5.66 billion. Adobe had a net margin of 25.85% and a return on equity of 45.87%. During the same quarter in the previous year, the company earned $4.48 earnings per share. Equities analysts forecast that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

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.