Adobe Inc. (NASDAQ:ADBE) Position Decreased by Elevation Point Wealth Partners LLC

Elevation Point Wealth Partners LLC decreased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 24.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,029 shares of the software company’s stock after selling 654 shares during the period. Elevation Point Wealth Partners LLC’s holdings in Adobe were worth $778,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in ADBE. Brighton Jones LLC boosted its position in shares of Adobe by 2.1% during the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock valued at $3,588,000 after purchasing an additional 167 shares in the last quarter. Union Bancaire Privee UBP SA purchased a new position in shares of Adobe in the fourth quarter worth approximately $76,712,000. Bank Pictet & Cie Europe AG raised its holdings in shares of Adobe by 2.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 28,969 shares of the software company’s stock valued at $12,882,000 after acquiring an additional 756 shares during the period. Aveo Capital Partners LLC raised its holdings in shares of Adobe by 17.7% during the fourth quarter. Aveo Capital Partners LLC now owns 1,139 shares of the software company’s stock valued at $506,000 after acquiring an additional 171 shares during the period. Finally, Newman Dignan & Sheerar Inc. lifted its position in shares of Adobe by 3.2% in the 4th quarter. Newman Dignan & Sheerar Inc. now owns 1,655 shares of the software company’s stock valued at $736,000 after acquiring an additional 51 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

NASDAQ:ADBE opened at $391.68 on Monday. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75. The firm’s fifty day simple moving average is $386.76 and its 200 day simple moving average is $420.43. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $166.93 billion, a PE ratio of 31.59, a PEG ratio of 2.15 and a beta of 1.55.

Wall Street Analyst Weigh In

Several brokerages recently commented on ADBE. Piper Sandler reduced their price target on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating for the company in a research report on Wednesday, April 23rd. BMO Capital Markets restated an “outperform” rating and issued a $450.00 price target on shares of Adobe in a research report on Friday. Citigroup upped their price target on shares of Adobe from $430.00 to $465.00 and gave the company a “neutral” rating in a research report on Tuesday, June 10th. Bank of America upped their price target on shares of Adobe from $424.00 to $475.00 and gave the company a “buy” rating in a research report on Friday. Finally, Stifel Nicolaus reduced their price target on shares of Adobe from $525.00 to $480.00 and set a “buy” rating for the company in a research report on Friday. Nine analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Adobe has an average rating of “Moderate Buy” and an average target price of $494.67.

Insider Activity at Adobe

In other news, CFO Daniel Durn bought 1,300 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the purchase, the chief financial officer now owns 29,876 shares of the company’s stock, valued at $11,668,968.08. This represents a 4.55% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.16% of the stock is currently owned by company insiders.

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.