Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Sound Income Strategies LLC

Sound Income Strategies LLC grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 17.6% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 308 shares of the software company’s stock after acquiring an additional 46 shares during the quarter. Sound Income Strategies LLC’s holdings in Adobe were worth $118,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in ADBE. Siemens Fonds Invest GmbH raised its stake in shares of Adobe by 252.9% in the fourth quarter. Siemens Fonds Invest GmbH now owns 55,658 shares of the software company’s stock worth $25,000 after purchasing an additional 39,888 shares during the last quarter. SWAN Capital LLC purchased a new position in shares of Adobe in the fourth quarter worth about $28,000. Copia Wealth Management purchased a new position in shares of Adobe in the fourth quarter worth about $28,000. Summit Securities Group LLC purchased a new position in shares of Adobe in the fourth quarter worth about $31,000. Finally, Bernard Wealth Management Corp. purchased a new position in shares of Adobe in the fourth quarter worth about $36,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several research analyst reports. Citigroup reduced their price objective on Adobe from $465.00 to $450.00 and set a “neutral” rating for the company in a research note on Monday. Evercore ISI reiterated an “outperform” rating and set a $475.00 price target on shares of Adobe in a research report on Friday. Bank of America lifted their price target on Adobe from $424.00 to $475.00 and gave the company a “buy” rating in a research report on Friday. Jefferies Financial Group reduced their price target 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, Wells Fargo & Company reiterated an “overweight” rating and set a $470.00 price target (up from $430.00) on shares of Adobe in a research report on Friday. Nine analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $494.67.

Adobe Stock Performance

Shares of NASDAQ:ADBE opened at $401.73 on Tuesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The business’s 50 day moving average price is $388.00 and its 200-day moving average price is $419.64. The firm has a market capitalization of $171.22 billion, a PE ratio of 32.40, a P/E/G ratio of 2.15 and a beta of 1.55. Adobe Inc. has a 1 year low of $332.01 and a 1 year high of $587.75.

Insider Transactions at Adobe

In related news, CFO Daniel Durn acquired 1,300 shares of the stock in a transaction on Thursday, March 20th. The shares were bought at an average price of $390.58 per share, with a total value of $507,754.00. Following the completion of the purchase, 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 acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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.