ERn Financial LLC Has $577,000 Stock Position in Adobe Inc. (NASDAQ:ADBE)

ERn Financial LLC decreased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 9.7% during the 1st quarter, HoldingsChannel.com reports. The firm owned 1,505 shares of the software company’s stock after selling 162 shares during the quarter. ERn Financial LLC’s holdings in Adobe were worth $577,000 as of its most recent filing with the SEC.

A number of other large investors have also made changes to their positions in the stock. Norges Bank bought a new stake in Adobe in the 4th quarter valued at $2,553,035,000. GAMMA Investing LLC raised its position in Adobe by 46,806.6% in the first quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company’s stock worth $1,147,049,000 after purchasing an additional 2,984,391 shares in the last quarter. Proficio Capital Partners LLC raised its position in Adobe by 82,528.8% in the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after purchasing an additional 1,041,513 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Adobe by 82.4% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock worth $937,291,000 after purchasing an additional 952,233 shares during the period. Finally, Two Sigma Advisers LP boosted its holdings in Adobe by 1,414.5% during the fourth quarter. Two Sigma Advisers LP now owns 889,000 shares of the software company’s stock valued at $395,321,000 after purchasing an additional 830,300 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. Redburn Atlantic began coverage on Adobe in a research report on Wednesday, February 19th. They set a “neutral” rating for the company. Oppenheimer dropped their price objective on Adobe from $530.00 to $500.00 and set an “outperform” rating for the company in a research note on Friday, June 13th. KeyCorp upgraded shares of Adobe from an “underweight” rating to a “sector weight” rating in a research note on Friday, March 21st. Stifel Nicolaus lowered their target price on shares of Adobe from $525.00 to $480.00 and set a “buy” rating on the stock in a report on Friday, June 13th. Finally, JPMorgan Chase & Co. cut their price target on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. Nine equities 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. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $494.67.

Adobe Stock Down 1.2%

NASDAQ ADBE opened at $378.04 on Thursday. The stock has a market capitalization of $161.12 billion, a P/E ratio of 24.19, a price-to-earnings-growth ratio of 1.81 and a beta of 1.55. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.18 and a current ratio of 0.99. The stock has a fifty day moving average of $388.63 and a 200-day moving average of $419.09.

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.