Congress Park Capital LLC Reduces Stock Position in Adobe Inc. (NASDAQ:ADBE)

Congress Park Capital LLC lessened its position in Adobe Inc. (NASDAQ:ADBE) by 11.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 3,748 shares of the software company’s stock after selling 464 shares during the period. Congress Park Capital LLC’s holdings in Adobe were worth $1,437,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the company. Brighton Jones LLC lifted its position in shares of Adobe by 2.1% in the 4th quarter. Brighton Jones LLC now owns 8,068 shares of the software company’s stock worth $3,588,000 after purchasing an additional 167 shares during the period. Union Bancaire Privee UBP SA purchased a new position in Adobe during the 4th quarter valued at about $76,712,000. Bank Pictet & Cie Europe AG lifted its position 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 valued at $12,882,000 after acquiring an additional 756 shares during the period. Atlas Legacy Advisors LLC bought a new stake in Adobe during the fourth quarter worth about $244,000. Finally, Private Advisor Group LLC grew its holdings in Adobe by 4.4% in the fourth quarter. Private Advisor Group LLC now owns 25,475 shares of the software company’s stock worth $11,328,000 after purchasing an additional 1,082 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Down 1.2%

NASDAQ ADBE opened at $378.04 on Friday. The stock’s 50-day moving average price is $389.19 and its 200-day moving average price is $418.14. The company has a market capitalization of $161.12 billion, a P/E ratio of 24.19, a price-to-earnings-growth ratio of 1.79 and a beta of 1.55. The company has a quick ratio of 1.18, a current ratio of 0.99 and a debt-to-equity ratio of 0.54. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. DA Davidson lowered their target price on shares of Adobe from $600.00 to $450.00 and set a “buy” rating for the company in a report on Monday, April 14th. KeyCorp upgraded Adobe from an “underweight” rating to a “sector weight” rating in a research note on Friday, March 21st. Wall Street Zen raised Adobe from a “hold” rating to a “buy” rating in a report on Thursday, May 22nd. BMO Capital Markets restated an “outperform” rating and set a $450.00 price target on shares of Adobe in a report on Friday, June 13th. Finally, Bank of America upped their price target on shares of Adobe from $424.00 to $475.00 and gave the stock a “buy” rating in a research note on Friday, June 13th. Nine analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus target price of $494.67.

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.