ORG Partners LLC Decreases Stock Position in Adobe Inc. (NASDAQ:ADBE)

ORG Partners LLC trimmed its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 29.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 362 shares of the software company’s stock after selling 151 shares during the quarter. ORG Partners LLC’s holdings in Adobe were worth $139,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Copia Wealth Management purchased a new stake in shares of Adobe during the 4th quarter valued at about $28,000. SWAN Capital LLC purchased a new stake in shares of Adobe during the 4th quarter valued at about $28,000. Summit Securities Group LLC purchased a new stake in shares of Adobe during the 4th quarter valued at about $31,000. Bernard Wealth Management Corp. purchased a new stake in shares of Adobe during the 4th quarter valued at about $36,000. Finally, Mascoma Wealth Management LLC raised its position in shares of Adobe by 142.9% during the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock valued at $38,000 after buying an additional 50 shares in the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Price Performance

Shares of ADBE opened at $376.92 on Friday. The company has a 50 day moving average price of $389.67 and a 200-day moving average price of $416.35. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The stock has a market capitalization of $160.64 billion, a PE ratio of 24.12, a PEG ratio of 1.79 and a beta of 1.55. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.18 and a current ratio of 0.99.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. JPMorgan Chase & Co. decreased their target price on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research report on Thursday, March 13th. Wells Fargo & Company reiterated an “overweight” rating and set a $470.00 price target (up from $430.00) on shares of Adobe in a report on Friday, June 13th. Citigroup cut their price target on shares of Adobe from $465.00 to $450.00 and set a “neutral” rating on the stock in a report on Monday, June 16th. Oppenheimer cut their price target on shares of Adobe from $530.00 to $500.00 and set an “outperform” rating on the stock in a report on Friday, June 13th. Finally, KeyCorp upgraded shares of Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. Nine 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.com, Adobe currently has an average rating of “Moderate Buy” and an average price target of $496.75.

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.