Spirit of America Management Corp NY Cuts Stake in Adobe Inc. (NASDAQ:ADBE)

Spirit of America Management Corp NY reduced its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 16.0% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,050 shares of the software company’s stock after selling 200 shares during the period. Spirit of America Management Corp NY’s holdings in Adobe were worth $403,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Copia Wealth Management acquired a new stake in shares of Adobe in the 4th quarter valued at $28,000. SWAN Capital LLC acquired a new stake in shares of Adobe in the 4th quarter valued at $28,000. Summit Securities Group LLC acquired a new stake in shares of Adobe in the 4th quarter valued at $31,000. Bernard Wealth Management Corp. acquired a new stake in shares of Adobe in the 4th quarter valued at $36,000. Finally, Mascoma Wealth Management LLC raised its holdings in shares of Adobe by 142.9% in the 4th quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock valued at $38,000 after purchasing an additional 50 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Down 1.2%

Shares of NASDAQ:ADBE opened at $378.04 on Friday. The company has a quick ratio of 1.18, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. 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 simple moving average is $389.19 and its 200-day simple moving average is $418.14. The company has a market cap of $161.12 billion, a price-to-earnings ratio of 24.19, a PEG ratio of 1.79 and a beta of 1.55.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on ADBE shares. Stifel Nicolaus reduced their price objective 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. Jefferies Financial Group cut their price target on shares of Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a research note on Monday, March 31st. Wells Fargo & Company reiterated an “overweight” rating and set a $470.00 price target (up from $430.00) on shares of Adobe in a research note on Friday, June 13th. Oppenheimer cut their price target on shares of Adobe from $530.00 to $500.00 and set an “outperform” rating on the stock in a research note on Friday, June 13th. Finally, DA Davidson cut their price target on shares of Adobe from $600.00 to $450.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Nine investment 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 stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $494.67.

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.