Grandview Asset Management LLC Reduces Position in Adobe Inc. (NASDAQ:ADBE)

Grandview Asset Management LLC trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 5.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,963 shares of the software company’s stock after selling 155 shares during the period. Grandview Asset Management LLC’s holdings in Adobe were worth $1,136,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in ADBE. Siemens Fonds Invest GmbH boosted its stake 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 valued at $25,000 after purchasing an additional 39,888 shares during the period. SWAN Capital LLC bought a new stake in shares of Adobe during the fourth quarter valued at approximately $28,000. Copia Wealth Management purchased a new stake in shares of Adobe in the fourth quarter valued at approximately $28,000. Summit Securities Group LLC bought a new position in Adobe in the fourth quarter worth approximately $31,000. Finally, Bernard Wealth Management Corp. bought a new position in Adobe in the fourth quarter worth approximately $36,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Adobe

In other news, CFO Daniel Durn acquired 1,300 shares of the business’s stock in a transaction dated Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the completion of the acquisition, the chief financial officer now owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.16% of the company’s stock.

Adobe Stock Down 4.7%

NASDAQ:ADBE opened at $382.68 on Wednesday. The company has a current ratio of 0.99, a quick ratio of 1.18 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. The company has a market cap of $163.10 billion, a PE ratio of 24.48, a P/E/G ratio of 1.97 and a beta of 1.55. The company’s 50 day moving average is $388.36 and its two-hundred day moving average is $419.38.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Morgan Stanley decreased their target price on Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a research report on Wednesday, April 16th. Oppenheimer cut their price target on Adobe from $530.00 to $500.00 and set an “outperform” rating on the stock in a research note on Friday, June 13th. Stifel Nicolaus lowered their price objective on shares of Adobe from $525.00 to $480.00 and set a “buy” rating for the company in a research note on Friday, June 13th. Wells Fargo & Company reissued an “overweight” rating and set a $470.00 target price (up previously from $430.00) on shares of Adobe in a research report on Friday, June 13th. Finally, KeyCorp raised shares of Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Nine investment analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target 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.