Marietta Wealth Management LLC Acquires 5,722 Shares of Adobe Inc. (NASDAQ:ADBE)

Marietta Wealth Management LLC lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 36.7% during the first quarter, HoldingsChannel reports. The firm owned 21,326 shares of the software company’s stock after purchasing an additional 5,722 shares during the quarter. Adobe accounts for about 1.2% of Marietta Wealth Management LLC’s investment portfolio, making the stock its 29th biggest holding. Marietta Wealth Management LLC’s holdings in Adobe were worth $8,179,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Copia Wealth Management purchased a new stake in Adobe in the 4th quarter worth about $28,000. SWAN Capital LLC purchased a new stake in Adobe in the 4th quarter worth about $28,000. Summit Securities Group LLC purchased a new stake in Adobe in the 4th quarter worth about $31,000. Bernard Wealth Management Corp. purchased a new stake in Adobe in the 4th quarter worth about $36,000. Finally, Mascoma Wealth Management LLC increased its holdings in 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 acquiring an additional 50 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Down 0.3%

Shares of NASDAQ ADBE opened at $376.92 on Friday. Adobe Inc. has a 12 month low of $332.01 and a 12 month high of $587.75. The company has a current ratio of 0.99, a quick ratio of 1.18 and a debt-to-equity ratio of 0.54. The firm has a market capitalization of $160.64 billion, a price-to-earnings ratio of 24.12, a PEG ratio of 1.79 and a beta of 1.55. The business has a 50-day moving average of $389.67 and a 200-day moving average of $417.18.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on ADBE. JPMorgan Chase & Co. decreased their price objective on Adobe from $580.00 to $540.00 and set an “overweight” rating for the company in a report on Thursday, March 13th. BMO Capital Markets reissued an “outperform” rating and issued a $450.00 price objective on shares of Adobe in a report on Friday, June 13th. Royal Bank Of Canada reissued an “outperform” rating and issued a $480.00 price objective on shares of Adobe in a report on Thursday, June 5th. Wall Street Zen raised Adobe from a “hold” rating to a “buy” rating in a report on Thursday, May 22nd. Finally, Evercore ISI reaffirmed an “outperform” rating and set a $475.00 target price on shares of Adobe in a 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 issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $496.75.

About Adobe

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.