PUREfi Wealth LLC Has $611,000 Stock Position in Adobe Inc. (NASDAQ:ADBE)

PUREfi Wealth LLC lifted its stake in Adobe Inc. (NASDAQ:ADBE) by 13.6% during the first quarter, Holdings Channel.com reports. The fund owned 1,593 shares of the software company’s stock after buying an additional 191 shares during the period. PUREfi Wealth LLC’s holdings in Adobe were worth $611,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Geode Capital Management LLC increased its position in Adobe by 1.4% during the fourth quarter. Geode Capital Management LLC now owns 10,680,375 shares of the software company’s stock worth $4,739,788,000 after buying an additional 151,286 shares during the last quarter. Norges Bank acquired a new position in Adobe during the fourth quarter worth approximately $2,553,035,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Adobe by 12.7% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,341,695 shares of the software company’s stock worth $2,375,345,000 after buying an additional 600,146 shares during the last quarter. Northern Trust Corp increased its position in Adobe by 14.5% during the fourth quarter. Northern Trust Corp now owns 5,314,215 shares of the software company’s stock worth $2,363,125,000 after buying an additional 672,919 shares during the last quarter. Finally, Edgewood Management LLC increased its position in Adobe by 20.7% during the fourth quarter. Edgewood Management LLC now owns 4,059,119 shares of the software company’s stock worth $1,805,009,000 after buying an additional 696,172 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Trading Down 4.7%

Shares of ADBE stock 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. The stock has a market cap of $163.10 billion, a P/E ratio of 24.48, a price-to-earnings-growth ratio of 1.97 and a beta of 1.55. The stock has a 50 day simple moving average of $388.36 and a 200 day simple moving average of $419.38. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75.

Insider Activity at Adobe

In related news, CFO Daniel Durn purchased 1,300 shares of the business’s stock in a transaction that occurred on Thursday, March 20th. The stock was acquired at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the purchase, the chief financial officer now owns 29,876 shares in the company, valued at approximately $11,668,968.08. This represents a 4.55% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.16% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on ADBE. DA Davidson lowered their price target on Adobe from $600.00 to $450.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Stifel Nicolaus lowered their price target on Adobe from $525.00 to $480.00 and set a “buy” rating on the stock in a research report on Friday, June 13th. KeyCorp raised Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Bank of America boosted their price objective on Adobe from $424.00 to $475.00 and gave the stock a “buy” rating in a report on Friday, June 13th. Finally, Summit Redstone set a $410.00 price objective on Adobe in a report on Wednesday, March 19th. Nine 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 stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $494.67.

About Adobe

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.