Harbour Capital Advisors LLC Lowers Position in Adobe Inc. (NASDAQ:ADBE)

Harbour Capital Advisors LLC lessened its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 21.2% in the 1st quarter, HoldingsChannel.com reports. The firm owned 3,782 shares of the software company’s stock after selling 1,015 shares during the period. Harbour Capital Advisors LLC’s holdings in Adobe were worth $1,389,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Siemens Fonds Invest GmbH grew its stake in shares of Adobe by 252.9% during the 4th quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock valued at $25,000 after acquiring an additional 39,888 shares during the period. SWAN Capital LLC purchased a new position in Adobe during the fourth quarter valued at approximately $28,000. Copia Wealth Management bought a new position in shares of Adobe in the fourth quarter worth approximately $28,000. Summit Securities Group LLC bought a new position in shares of Adobe in the fourth quarter worth approximately $31,000. Finally, Garde Capital Inc. purchased a new stake in shares of Adobe in the first quarter worth $34,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently weighed in on ADBE shares. Summit Redstone set a $410.00 target price on shares of Adobe in a research note on Wednesday, March 19th. Mizuho lowered their price objective on Adobe from $575.00 to $530.00 and set an “outperform” rating on the stock in a research report on Friday, June 13th. Morgan Stanley dropped their price objective on Adobe from $600.00 to $510.00 and set an “overweight” rating for the company in a research note on Wednesday, April 16th. Jefferies Financial Group cut their target price on Adobe from $650.00 to $590.00 and set a “buy” rating for the company in a research report on Monday, March 31st. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $480.00 price target on shares of Adobe in a report on Thursday, June 5th. Nine research analysts have rated the stock with a hold rating, seventeen have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $496.75.

Adobe Price Performance

NASDAQ:ADBE opened at $380.12 on Tuesday. The firm has a market capitalization of $162.01 billion, a price-to-earnings ratio of 24.32, a PEG ratio of 1.79 and a beta of 1.55. The company has a debt-to-equity ratio of 0.54, a current ratio of 0.99 and a quick ratio of 1.18. The business has a 50 day simple moving average of $390.26 and a 200-day simple moving average of $414.29. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75.

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.