Invesco LLC Lowers Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Invesco LLC trimmed its position in Adobe Inc. (NASDAQ:ADBE) by 62.7% in the 1st quarter, Holdings Channel reports. The firm owned 1,031 shares of the software company’s stock after selling 1,734 shares during the quarter. Invesco LLC’s holdings in Adobe were worth $395,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Garde Capital Inc. bought a new position in Adobe in the first quarter valued at $34,000. Arizona State Retirement System increased its holdings in shares of Adobe by 0.4% in the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company’s stock worth $56,784,000 after buying an additional 570 shares during the period. Burling Wealth Partners LLC bought a new position in Adobe during the 4th quarter worth approximately $1,173,000. Sound Income Strategies LLC increased its stake in Adobe by 17.6% in the 1st quarter. Sound Income Strategies LLC now owns 308 shares of the software company’s stock worth $118,000 after purchasing an additional 46 shares during the period. Finally, Horan Capital Advisors LLC. lifted its position in Adobe by 2.4% in the fourth quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company’s stock valued at $2,162,000 after purchasing an additional 114 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Up 0.8%

Shares of Adobe stock opened at $380.12 on Tuesday. Adobe Inc. has a twelve month low of $332.01 and a twelve month high of $587.75. The company has a quick ratio of 1.18, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. The company’s 50 day moving average is $390.26 and its 200 day moving average is $414.29. The company has a market cap of $162.01 billion, a price-to-earnings ratio of 24.32, a price-to-earnings-growth ratio of 1.79 and a beta of 1.55.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several analyst reports. Wall Street Zen raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Thursday, May 22nd. Royal Bank Of Canada reissued an “outperform” rating and issued a $480.00 price target on shares of Adobe in a report on Thursday, June 5th. KeyCorp raised shares of Adobe from an “underweight” rating to a “sector weight” rating in a research note on Friday, March 21st. JPMorgan Chase & Co. cut their target price on Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. Finally, DA Davidson reiterated a “buy” rating and issued a $500.00 price objective on shares of Adobe in a report on Friday. Nine research 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. Based on data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $496.75.

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.