Sterling Investment Counsel LLC Acquires 73 Shares of Adobe Inc. (NASDAQ:ADBE)

Sterling Investment Counsel LLC boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 11.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 735 shares of the software company’s stock after acquiring an additional 73 shares during the quarter. Sterling Investment Counsel LLC’s holdings in Adobe were worth $282,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. Global X Japan Co. Ltd. increased its stake in Adobe by 11.7% in the first quarter. Global X Japan Co. Ltd. now owns 11,978 shares of the software company’s stock valued at $4,594,000 after acquiring an additional 1,250 shares during the period. Premier Path Wealth Partners LLC grew its stake in Adobe by 19.9% during the first quarter. Premier Path Wealth Partners LLC now owns 4,582 shares of the software company’s stock worth $1,757,000 after buying an additional 762 shares during the last quarter. Institute for Wealth Management LLC. increased its holdings in shares of Adobe by 0.3% during the first quarter. Institute for Wealth Management LLC. now owns 17,947 shares of the software company’s stock worth $6,883,000 after buying an additional 53 shares in the last quarter. Bigelow Investment Advisors LLC increased its holdings in shares of Adobe by 4.7% during the first quarter. Bigelow Investment Advisors LLC now owns 1,081 shares of the software company’s stock worth $415,000 after buying an additional 49 shares in the last quarter. Finally, Johnson Investment Counsel Inc. increased its holdings in shares of Adobe by 7.6% during the first quarter. Johnson Investment Counsel Inc. now owns 156,164 shares of the software company’s stock worth $59,894,000 after buying an additional 11,038 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the stock. Stifel Nicolaus dropped their price objective on shares of Adobe from $525.00 to $480.00 and set a “buy” rating for the company in a report on Friday, June 13th. Evercore ISI reaffirmed an “outperform” rating and set a $475.00 price objective on shares of Adobe in a report on Friday, June 13th. 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. Morgan Stanley dropped their price objective on shares of Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a report on Wednesday, April 16th. Finally, UBS Group raised their price objective 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 investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $494.67.

Adobe Price Performance

Shares of ADBE stock opened at $378.04 on Thursday. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The stock has a market cap of $161.12 billion, a PE ratio of 24.19, a PEG ratio of 1.81 and a beta of 1.55. 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 firm’s 50 day moving average price is $388.63 and its two-hundred day moving average price is $419.09.

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.