Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Balboa Wealth Partners

Balboa Wealth Partners boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 13.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 6,020 shares of the software company’s stock after buying an additional 699 shares during the quarter. Balboa Wealth Partners’ holdings in Adobe were worth $2,309,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in ADBE. Norges Bank purchased a new position in shares of Adobe in the fourth quarter valued at $2,553,035,000. GAMMA Investing LLC increased its holdings in Adobe by 46,806.6% during the 1st quarter. GAMMA Investing LLC now owns 2,990,767 shares of the software company’s stock valued at $1,147,049,000 after acquiring an additional 2,984,391 shares in the last quarter. Proficio Capital Partners LLC raised its position in Adobe by 82,528.8% during the fourth quarter. Proficio Capital Partners LLC now owns 1,042,775 shares of the software company’s stock worth $463,701,000 after acquiring an additional 1,041,513 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Adobe by 82.4% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,107,788 shares of the software company’s stock valued at $937,291,000 after purchasing an additional 952,233 shares in the last quarter. Finally, Two Sigma Advisers LP grew its position in shares of Adobe by 1,414.5% in 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 during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

ADBE has been the subject of several recent research reports. Robert W. Baird raised their price target on Adobe from $410.00 to $425.00 and gave the stock a “neutral” rating in a research report on Monday, June 16th. KeyCorp upgraded Adobe from an “underweight” rating to a “sector weight” rating in a report on Friday, March 21st. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Monday. UBS Group raised their price target on shares of Adobe from $380.00 to $430.00 and gave the company a “neutral” rating in a report on Monday, June 9th. Finally, Mizuho dropped their target price on Adobe from $575.00 to $530.00 and set an “outperform” rating on the stock in a report on Friday, June 13th. Nine research 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 MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $496.75.

Adobe Stock Up 0.8%

Shares of NASDAQ ADBE opened at $380.12 on Tuesday. The firm’s 50-day moving average is $390.26 and its 200-day moving average is $414.29. 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 market capitalization of $162.01 billion, a PE ratio of 24.32, a price-to-earnings-growth ratio of 1.79 and a beta of 1.55.

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.