Adobe Inc. (NASDAQ:ADBE) Shares Bought by Wealth Enhancement Advisory Services LLC

Wealth Enhancement Advisory Services LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 3.9% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 115,461 shares of the software company’s stock after purchasing an additional 4,306 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Adobe were worth $44,283,000 at the end of the most recent quarter.

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

Adobe Stock Performance

Adobe stock opened at $376.92 on Friday. The stock’s 50-day moving average is $389.67 and its 200-day moving average is $417.18. The company has a market cap of $160.64 billion, a price-to-earnings ratio of 24.12, a price-to-earnings-growth 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. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. JPMorgan Chase & Co. reduced their target price on Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Robert W. Baird upped their price objective on Adobe from $410.00 to $425.00 and gave the company a “neutral” rating in a research report on Monday, June 16th. Evercore ISI reaffirmed an “outperform” rating and set a $475.00 price target on shares of Adobe in a research note on Friday, June 13th. Oppenheimer decreased their price target on shares of Adobe from $530.00 to $500.00 and set an “outperform” rating on the stock in a research note on Friday, June 13th. Finally, KeyCorp raised shares of Adobe from an “underweight” rating to a “sector weight” rating in a research note on Friday, March 21st. Nine research 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. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average 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.