Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Sound Income Strategies LLC

Sound Income Strategies LLC grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 17.6% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 308 shares of the software company’s stock after purchasing an additional 46 shares during the period. Sound Income Strategies LLC’s holdings in Adobe were worth $118,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also modified their holdings of ADBE. Brighton Jones LLC lifted its stake in Adobe by 2.1% during the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock worth $3,588,000 after acquiring an additional 167 shares in the last quarter. Union Bancaire Privee UBP SA acquired a new position in Adobe during the 4th quarter worth about $76,712,000. Bank Pictet & Cie Europe AG lifted its stake in Adobe by 2.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company’s stock worth $12,882,000 after acquiring an additional 756 shares in the last quarter. Allworth Financial LP lifted its stake in Adobe by 11.5% during the 4th quarter. Allworth Financial LP now owns 14,189 shares of the software company’s stock worth $6,205,000 after acquiring an additional 1,469 shares in the last quarter. Finally, J.W. Cole Advisors Inc. lifted its stake in Adobe by 1.9% during the 4th quarter. J.W. Cole Advisors Inc. now owns 5,283 shares of the software company’s stock worth $2,349,000 after acquiring an additional 99 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the topic of several research reports. Bank of America increased their target price on Adobe from $424.00 to $475.00 and gave the stock a “buy” rating in a research note on Friday. JPMorgan Chase & Co. decreased their target price on Adobe from $580.00 to $540.00 and set an “overweight” rating on the stock in a research note on Thursday, March 13th. 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. Mizuho cut their price target on Adobe from $575.00 to $530.00 and set an “outperform” rating on the stock in a report on Friday. Finally, Redburn Atlantic initiated coverage on Adobe in a report on Wednesday, February 19th. They set a “neutral” rating on the stock. Nine equities research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $494.67.

Adobe Stock Up 2.6%

Shares of NASDAQ ADBE opened at $401.73 on Tuesday. The stock has a market cap of $171.22 billion, a PE ratio of 32.40, a price-to-earnings-growth ratio of 2.15 and a beta of 1.55. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 52-week low of $332.01 and a 52-week high of $587.75. The business has a 50-day moving average price of $388.00 and a 200 day moving average price of $419.64.

Insider Activity at Adobe

In other news, CFO Daniel Durn bought 1,300 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The stock was purchased at an average cost of $390.58 per share, with a total value of $507,754.00. Following the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at $11,668,968.08. This trade represents a 4.55% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.16% of the company’s stock.

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.