Rakuten Securities Inc. Has $377,000 Position in Adobe Inc. (NASDAQ:ADBE)

Rakuten Securities Inc. lessened its stake in Adobe Inc. (NASDAQ:ADBE) by 11.6% during the first quarter, HoldingsChannel reports. The institutional investor owned 982 shares of the software company’s stock after selling 129 shares during the period. Rakuten Securities Inc.’s holdings in Adobe were worth $377,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in ADBE. Copia Wealth Management bought a new stake in Adobe in the fourth quarter valued at approximately $28,000. SWAN Capital LLC acquired a new position in shares of 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 valued at $31,000. Bernard Wealth Management Corp. bought a new stake in shares of Adobe in the 4th quarter valued at $36,000. Finally, Mascoma Wealth Management LLC increased its position in shares of Adobe by 142.9% during the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock worth $38,000 after buying an additional 50 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analysts Set New Price Targets

ADBE has been the topic of several recent analyst reports. Redburn Atlantic assumed coverage on shares of Adobe in a report on Wednesday, February 19th. They issued a “neutral” rating on the stock. DA Davidson lowered their price objective on Adobe from $600.00 to $450.00 and set a “buy” rating for the company in a research report on Monday, April 14th. KeyCorp upgraded Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Wells Fargo & Company reiterated an “overweight” rating and issued a $470.00 target price (up from $430.00) on shares of Adobe in a report on Friday. Finally, Mizuho dropped their price target on Adobe from $575.00 to $530.00 and set an “outperform” rating on the stock in a research note on Friday. Nine analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $494.67.

Adobe Trading Up 2.6%

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

Insiders Place Their Bets

In other news, CFO Daniel Durn purchased 1,300 shares of the company’s stock in a transaction dated Thursday, March 20th. The shares were purchased at an average price of $390.58 per share, with a total value of $507,754.00. Following the transaction, the chief financial officer now directly owns 29,876 shares of the company’s stock, valued at approximately $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 Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.16% of the company’s stock.

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.