Kingswood Wealth Advisors LLC Has $1.72 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

Kingswood Wealth Advisors LLC boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 3.8% in the 1st quarter, Holdings Channel reports. The firm owned 4,496 shares of the software company’s stock after buying an additional 165 shares during the period. Kingswood Wealth Advisors LLC’s holdings in Adobe were worth $1,724,000 at the end of the most recent reporting period.

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

Analysts Set New Price Targets

ADBE has been the subject of several research reports. Phillip Securities upgraded Adobe from a “moderate sell” rating to a “strong-buy” rating in a research report on Monday. JPMorgan Chase & Co. lowered their price objective on Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research note on Thursday, March 13th. KeyCorp upgraded shares of Adobe from an “underweight” rating to a “sector weight” rating in a research report on Friday, March 21st. Citigroup reduced their target price on shares of Adobe from $465.00 to $450.00 and set a “neutral” rating on the stock in a report on Monday. Finally, Summit Redstone set a $410.00 price target on shares of Adobe in a research note on Wednesday, March 19th. Nine equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $494.67.

Adobe Stock Down 1.2%

Adobe stock opened at $378.04 on Thursday. The company has a market capitalization of $161.12 billion, a PE ratio of 24.19, a PEG ratio of 1.81 and a beta of 1.55. Adobe Inc. has a 12-month low of $332.01 and a 12-month high of $587.75. The firm’s fifty day moving average is $388.63 and its 200 day moving average is $419.09. The company has a quick ratio of 1.18, a current ratio of 0.99 and a debt-to-equity ratio of 0.54.

Adobe Company 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.