Boomfish Wealth Group LLC Has $2 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Boomfish Wealth Group LLC grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 12.5% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,210 shares of the software company’s stock after buying an additional 578 shares during the quarter. Boomfish Wealth Group LLC’s holdings in Adobe were worth $1,998,000 as of its most recent filing with the SEC.

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

Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $401.73 on Tuesday. The company has a market capitalization of $171.22 billion, a price-to-earnings ratio of 32.40, a P/E/G ratio of 2.15 and a beta of 1.55. The firm’s 50 day simple moving average is $388.00 and its 200 day simple moving average is $419.64. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. Adobe Inc. has a fifty-two week low of $332.01 and a fifty-two week high of $587.75.

Analyst Ratings Changes

Several research firms have recently weighed in on ADBE. Summit Redstone set a $410.00 target price on shares of Adobe in a report on Wednesday, March 19th. Oppenheimer decreased their price objective on shares of Adobe from $530.00 to $500.00 and set an “outperform” rating on the stock in a report on Friday. Piper Sandler decreased their price objective on shares of Adobe from $600.00 to $500.00 and set an “overweight” rating on the stock in a report on Wednesday, April 23rd. UBS Group increased their price objective on shares of Adobe from $380.00 to $430.00 and gave the stock a “neutral” rating in a report on Monday, June 9th. Finally, Bank of America increased their price objective on shares of Adobe from $424.00 to $475.00 and gave the stock a “buy” rating in a report on Friday. Nine analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $494.67.

Insiders Place Their Bets

In related news, CFO Daniel Durn bought 1,300 shares of the company’s stock in a transaction on Thursday, March 20th. The shares were purchased at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the acquisition, the chief financial officer now owns 29,876 shares of the company’s stock, valued at approximately $11,668,968.08. This represents a 4.55% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.16% of the company’s stock.

Adobe Company 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.