Seed Wealth Management Inc. Cuts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Seed Wealth Management Inc. reduced its position in shares of Adobe Inc. (NASDAQ:ADBE) by 8.4% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 676 shares of the software company’s stock after selling 62 shares during the period. Seed Wealth Management Inc.’s holdings in Adobe were worth $259,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Siemens Fonds Invest GmbH raised its holdings in Adobe by 252.9% during the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock worth $25,000 after purchasing an additional 39,888 shares in the last quarter. SWAN Capital LLC acquired a new position in Adobe during the fourth quarter worth about $28,000. Copia Wealth Management acquired a new position in Adobe during the fourth quarter worth about $28,000. Summit Securities Group LLC acquired a new position in Adobe during the fourth quarter worth about $31,000. Finally, Bernard Wealth Management Corp. acquired a new position in Adobe during the fourth quarter worth about $36,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Wells Fargo & Company restated an “overweight” rating and set a $470.00 target price (up from $430.00) on shares of Adobe in a research report on Friday, June 13th. Morgan Stanley lowered their target price on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 16th. Citigroup lowered their target price on shares of Adobe from $465.00 to $450.00 and set a “neutral” rating on the stock in a research report on Monday. BMO Capital Markets reiterated an “outperform” rating and issued a $450.00 price target on shares of Adobe in a research report on Friday, June 13th. Finally, Bank of America increased their price target on shares of Adobe from $424.00 to $475.00 and gave the company a “buy” rating in a research report on Friday, June 13th. Nine analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $494.67.

Insider Activity at Adobe

In other news, CFO Daniel Durn purchased 1,300 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was acquired at an average cost of $390.58 per share, with a total value of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares in the company, 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 can be accessed through this hyperlink. Company insiders own 0.16% of the company’s stock.

Adobe Stock Performance

NASDAQ:ADBE opened at $382.68 on Wednesday. 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 has a market cap of $163.10 billion, a P/E ratio of 24.48, a P/E/G ratio of 1.97 and a beta of 1.55. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75. The firm’s 50 day moving average is $388.36 and its two-hundred day moving average is $419.38.

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.