Union Savings Bank Cuts Stock Position in Adobe Inc. (NASDAQ:ADBE)

Union Savings Bank lessened its holdings in Adobe Inc. (NASDAQ:ADBE) by 3.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 894 shares of the software company’s stock after selling 34 shares during the period. Union Savings Bank’s holdings in Adobe were worth $343,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Siemens Fonds Invest GmbH grew its holdings in Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock worth $25,000 after acquiring an additional 39,888 shares in the last quarter. SWAN Capital LLC bought a new stake in shares of Adobe during the 4th quarter valued at about $28,000. Copia Wealth Management bought a new stake in shares of Adobe during the 4th quarter valued at about $28,000. Summit Securities Group LLC bought a new stake in shares of Adobe during the 4th quarter valued at about $31,000. Finally, Bernard Wealth Management Corp. bought a new stake in shares of Adobe during the 4th quarter valued at about $36,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

ADBE has been the subject of a number of recent research reports. Phillip Securities raised shares of Adobe from a “moderate sell” rating to a “strong-buy” rating in a research report on Monday, June 16th. UBS Group boosted their price target on shares of Adobe from $380.00 to $430.00 and gave the stock a “neutral” rating in a research report on Monday, June 9th. BMO Capital Markets reiterated an “outperform” rating and issued a $450.00 target price on shares of Adobe in a report on Friday, June 13th. Wall Street Zen upgraded shares of Adobe from a “hold” rating to a “buy” rating in a report on Thursday, May 22nd. Finally, Wells Fargo & Company restated an “overweight” rating and set a $470.00 price target (up previously from $430.00) on shares of Adobe in a report on Friday, June 13th. Nine investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $496.75.

Adobe Trading Down 0.3%

ADBE opened at $376.92 on Friday. The stock has a market capitalization of $160.64 billion, a PE ratio of 24.12, a PEG ratio of 1.79 and a beta of 1.55. The company has a current ratio of 0.99, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54. Adobe Inc. has a 1-year low of $332.01 and a 1-year high of $587.75. The firm has a 50-day moving average price of $389.67 and a two-hundred day moving average price of $417.18.

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.