Private Wealth Partners LLC Sells 2,990 Shares of Adobe Inc. (NASDAQ:ADBE)

Private Wealth Partners LLC decreased its position in Adobe Inc. (NASDAQ:ADBE) by 5.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 47,459 shares of the software company’s stock after selling 2,990 shares during the quarter. Adobe makes up approximately 1.5% of Private Wealth Partners LLC’s portfolio, making the stock its 22nd largest position. Private Wealth Partners LLC’s holdings in Adobe were worth $18,202,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in ADBE. Copia Wealth Management bought a new stake in Adobe in the 4th quarter worth about $28,000. SWAN Capital LLC purchased a new position in shares of Adobe in the 4th quarter worth approximately $28,000. Summit Securities Group LLC purchased a new stake in shares of Adobe during the 4th quarter valued at $31,000. Bernard Wealth Management Corp. bought a new stake in Adobe in the fourth quarter worth about $36,000. Finally, Mascoma Wealth Management LLC lifted its holdings in Adobe by 142.9% during the fourth quarter. Mascoma Wealth Management LLC now owns 85 shares of the software company’s stock valued at $38,000 after purchasing an additional 50 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on ADBE. Stifel Nicolaus cut their price target on Adobe from $525.00 to $480.00 and set a “buy” rating for the company in a report on Friday, June 13th. Wells Fargo & Company reissued an “overweight” rating and issued a $470.00 price target (up previously from $430.00) on shares of Adobe in a research note on Friday, June 13th. Jefferies Financial Group lowered their price objective on shares of Adobe from $650.00 to $590.00 and set a “buy” rating on the stock in a research report on Monday, March 31st. JPMorgan Chase & Co. cut their target price on shares of Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a research report on Thursday, March 13th. Finally, Mizuho lowered their price target on Adobe from $575.00 to $530.00 and set an “outperform” rating on the stock in a research report on Friday, June 13th. Nine investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $494.67.

Adobe Stock Down 1.2%

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

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.