PFG Investments LLC Decreases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

PFG Investments LLC lowered its position in shares of Adobe Inc. (NASDAQ:ADBE) by 42.2% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 5,220 shares of the software company’s stock after selling 3,810 shares during the quarter. PFG Investments LLC’s holdings in Adobe were worth $2,002,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in ADBE. Siemens Fonds Invest GmbH boosted its holdings in shares of Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock worth $25,000 after purchasing an additional 39,888 shares during the period. SWAN Capital LLC purchased a new stake in Adobe in the 4th quarter worth approximately $28,000. Copia Wealth Management purchased a new stake in Adobe in the 4th quarter worth approximately $28,000. Summit Securities Group LLC bought a new stake in shares of Adobe in the 4th quarter worth approximately $31,000. Finally, Bernard Wealth Management Corp. purchased a new position in shares of Adobe during the fourth quarter valued at approximately $36,000. Institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on ADBE. Mizuho cut their price target on shares of Adobe from $575.00 to $530.00 and set an “outperform” rating on the stock in a report on Friday, June 13th. UBS Group lifted their target price on shares of Adobe from $380.00 to $430.00 and gave the company a “neutral” rating in a research note on Monday, June 9th. Piper Sandler decreased their price target on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a research note on Wednesday, April 23rd. Wells Fargo & Company restated an “overweight” rating and issued a $470.00 price objective (up from $430.00) on shares of Adobe in a report on Friday, June 13th. Finally, Morgan Stanley reduced their target price on Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a report on Wednesday, April 16th. Nine analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $496.75.

Adobe Stock Performance

Shares of Adobe stock opened at $376.92 on Friday. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The firm’s 50-day moving average is $389.67 and its 200 day moving average is $416.35. The stock has a market cap of $160.64 billion, a price-to-earnings 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 current ratio of 0.99 and a quick ratio of 1.18.

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.