Adobe Inc. (NASDAQ:ADBE) Shares Bought by Chicago Capital LLC

Chicago Capital LLC increased its stake in Adobe Inc. (NASDAQ:ADBE) by 2.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 39,867 shares of the software company’s stock after buying an additional 1,048 shares during the quarter. Chicago Capital LLC’s holdings in Adobe were worth $15,290,000 as of its most recent filing with the SEC.

Several other hedge funds have also modified their holdings of the stock. Schaper Benz & Wise Investment Counsel Inc. WI grew its position in Adobe by 3.1% in the first quarter. Schaper Benz & Wise Investment Counsel Inc. WI now owns 71,372 shares of the software company’s stock valued at $27,373,000 after acquiring an additional 2,173 shares in the last quarter. Grove Bank & Trust grew its holdings in Adobe by 0.9% during the 1st quarter. Grove Bank & Trust now owns 7,596 shares of the software company’s stock valued at $2,913,000 after purchasing an additional 70 shares in the last quarter. Grimes & Company Inc. increased its stake in Adobe by 167.4% during the 1st quarter. Grimes & Company Inc. now owns 41,005 shares of the software company’s stock worth $15,727,000 after buying an additional 25,672 shares during the period. Signature Wealth Management Group lifted its holdings in Adobe by 20.5% in the 1st quarter. Signature Wealth Management Group now owns 2,665 shares of the software company’s stock worth $1,022,000 after buying an additional 453 shares in the last quarter. Finally, Claris Advisors LLC MO acquired a new position in Adobe in the 1st quarter worth $232,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CFO Daniel Durn purchased 1,300 shares of the company’s stock in a transaction on Thursday, March 20th. The shares were bought at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the transaction, the chief financial officer now owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This represents a 4.55% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 0.16% of the company’s stock.

Adobe Stock Performance

Shares of ADBE stock opened at $401.73 on Tuesday. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a market capitalization of $171.22 billion, a price-to-earnings ratio of 32.40, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The business has a 50 day simple moving average of $388.00 and a 200 day simple moving average of $419.64.

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of analyst reports. Stifel Nicolaus dropped their target price on Adobe from $525.00 to $480.00 and set a “buy” rating on the stock in a research report on Friday. Mizuho cut their target price on Adobe from $575.00 to $530.00 and set an “outperform” rating on the stock in a research report on Friday. Morgan Stanley reduced their target price on Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. JPMorgan Chase & Co. dropped their price target on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. Finally, Summit Redstone set a $410.00 price target on shares of Adobe in a report on Wednesday, March 19th. Nine analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average 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.