Adobe Inc. (NASDAQ:ADBE) Position Boosted by Figure 8 Investment Strategies LLC

Figure 8 Investment Strategies LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 6.5% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,722 shares of the software company’s stock after purchasing an additional 289 shares during the period. Adobe comprises about 1.9% of Figure 8 Investment Strategies LLC’s investment portfolio, making the stock its 22nd biggest holding. Figure 8 Investment Strategies LLC’s holdings in Adobe were worth $1,811,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. Geode Capital Management LLC lifted its position in shares of Adobe by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock worth $4,739,788,000 after purchasing an additional 151,286 shares during the last quarter. Norges Bank bought a new position in Adobe in the fourth quarter worth about $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Adobe by 12.7% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company’s stock worth $2,375,345,000 after acquiring an additional 600,146 shares during the last quarter. Northern Trust Corp lifted its holdings in Adobe by 14.5% in the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company’s stock worth $2,363,125,000 after acquiring an additional 672,919 shares during the last quarter. Finally, Edgewood Management LLC lifted its holdings in Adobe by 20.7% in the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock worth $1,805,009,000 after acquiring an additional 696,172 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

NASDAQ ADBE opened at $376.92 on Monday. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. 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 firm has a market capitalization of $160.64 billion, a PE ratio of 24.12, a P/E/G ratio of 1.79 and a beta of 1.55. The company’s 50 day simple moving average is $389.67 and its 200 day simple moving average is $415.50.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of recent research reports. JPMorgan Chase & Co. cut their target price on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a report on Thursday, March 13th. UBS Group raised their target price on shares of Adobe from $380.00 to $430.00 and gave the stock a “neutral” rating in a report on Monday, June 9th. Bank of America raised their target price on shares of Adobe from $424.00 to $475.00 and gave the stock a “buy” rating in a report on Friday, June 13th. Royal Bank Of Canada reissued an “outperform” rating and issued a $480.00 target price on shares of Adobe in a report on Thursday, June 5th. Finally, KeyCorp raised Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. Nine investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $496.75.

Adobe 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.