Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Institute for Wealth Management LLC.

Institute for Wealth Management LLC. grew its stake in Adobe Inc. (NASDAQ:ADBE) by 0.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 17,947 shares of the software company’s stock after purchasing an additional 53 shares during the period. Adobe makes up about 0.9% of Institute for Wealth Management LLC.’s holdings, making the stock its 13th largest holding. Institute for Wealth Management LLC.’s holdings in Adobe were worth $6,883,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently made changes to their positions in ADBE. Siemens Fonds Invest GmbH increased its holdings in shares of Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock worth $25,000 after buying an additional 39,888 shares during the last quarter. SWAN Capital LLC purchased a new position in Adobe in the fourth quarter worth approximately $28,000. Copia Wealth Management acquired a new stake in Adobe during the fourth quarter worth $28,000. Summit Securities Group LLC purchased a new stake in Adobe in the fourth quarter valued at $31,000. Finally, Bernard Wealth Management Corp. acquired a new position in shares of Adobe in the 4th quarter valued at $36,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Down 1.2%

ADBE stock opened at $378.04 on Thursday. The company’s 50 day moving average price is $388.63 and its 200 day moving average price is $419.09. The firm has a market capitalization of $161.12 billion, a price-to-earnings ratio of 24.19, a PEG ratio of 1.81 and a beta of 1.55. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.18 and a current ratio of 0.99.

Analyst Ratings Changes

A number of analysts recently issued reports on ADBE shares. Oppenheimer cut their price objective on Adobe from $530.00 to $500.00 and set an “outperform” rating for the company in a research report on Friday, June 13th. DA Davidson lowered their target price on shares of Adobe from $600.00 to $450.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Stifel Nicolaus reduced their price target on shares of Adobe from $525.00 to $480.00 and set a “buy” rating on the stock in a research note on Friday, June 13th. Redburn Atlantic started coverage on shares of Adobe in a report on Wednesday, February 19th. They issued a “neutral” rating on the stock. Finally, Bank of America lifted their target price on shares of Adobe from $424.00 to $475.00 and gave the company a “buy” rating in a report on Friday, June 13th. Nine research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $494.67.

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.