Bender Robert & Associates Buys 1,532 Shares of Adobe Inc. (NASDAQ:ADBE)

Bender Robert & Associates grew its stake in Adobe Inc. (NASDAQ:ADBE) by 6.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 24,229 shares of the software company’s stock after purchasing an additional 1,532 shares during the period. Adobe comprises approximately 2.3% of Bender Robert & Associates’ investment portfolio, making the stock its 13th largest position. Bender Robert & Associates’ holdings in Adobe were worth $9,293,000 as of its most recent SEC filing.

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

Analyst Ratings Changes

Several equities analysts have commented on ADBE shares. Mizuho dropped their target price on Adobe from $575.00 to $530.00 and set an “outperform” rating for the company in a research report on Friday, June 13th. Piper Sandler lowered their price objective on Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a research note on Wednesday, April 23rd. DA Davidson dropped their price objective on shares of Adobe from $600.00 to $450.00 and set a “buy” rating for the company in a report on Monday, April 14th. Redburn Atlantic started coverage on shares of Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating on the stock. Finally, UBS Group boosted their target price on shares of Adobe from $380.00 to $430.00 and gave the stock a “neutral” rating in a report on Monday, June 9th. Nine research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $494.67.

Insider Activity

In related news, CFO Daniel Durn acquired 1,300 shares of Adobe stock in a transaction dated Thursday, March 20th. The stock was bought 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 in the company, valued at $11,668,968.08. This represents a 4.55% increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. 0.16% of the stock is owned by company insiders.

Adobe Stock Performance

Shares of Adobe stock opened at $382.68 on Wednesday. The business has a 50-day moving average price of $388.36 and a two-hundred day moving average price of $419.38. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. 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 company has a market cap of $163.10 billion, a P/E ratio of 24.48, a PEG ratio of 1.97 and a beta of 1.55.

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.