Segment Wealth Management LLC Has $1.29 Million Position in Adobe Inc. (NASDAQ:ADBE)

Segment Wealth Management LLC grew its stake in Adobe Inc. (NASDAQ:ADBE) by 3.0% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,352 shares of the software company’s stock after acquiring an additional 98 shares during the quarter. Segment Wealth Management LLC’s holdings in Adobe were worth $1,286,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Brighton Jones LLC increased its position in shares of Adobe by 2.1% in the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock valued at $3,588,000 after buying an additional 167 shares in the last quarter. Union Bancaire Privee UBP SA bought a new stake in shares of Adobe in the fourth quarter worth about $76,712,000. Bank Pictet & Cie Europe AG increased its holdings in shares of Adobe by 2.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company’s stock worth $12,882,000 after acquiring an additional 756 shares in the last quarter. Atlas Legacy Advisors LLC acquired a new stake in shares of Adobe during the fourth quarter worth about $244,000. Finally, Private Advisor Group LLC lifted its holdings in shares of Adobe by 4.4% during the 4th quarter. Private Advisor Group LLC now owns 25,475 shares of the software company’s stock valued at $11,328,000 after purchasing an additional 1,082 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $378.04 on Friday. The business’s 50 day moving average price is $389.19 and its two-hundred day moving average price is $418.14. The company has a market cap of $161.12 billion, a PE ratio of 24.19, a price-to-earnings-growth ratio of 1.79 and a beta of 1.55. The company has a quick ratio of 1.18, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75.

Wall Street Analyst Weigh In

Several brokerages have commented on ADBE. Piper Sandler dropped their target price on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd. Summit Redstone set a $410.00 price objective on shares of Adobe in a report on Wednesday, March 19th. Bank of America boosted their price objective on shares of Adobe from $424.00 to $475.00 and gave the company a “buy” rating in a research report on Friday, June 13th. Royal Bank Of Canada reiterated an “outperform” rating and set a $480.00 target price on shares of Adobe in a report on Thursday, June 5th. Finally, BMO Capital Markets reissued an “outperform” rating and issued a $450.00 price target on shares of Adobe in a research note on Friday, June 13th. Nine equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price 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.