Tesco Pension Investment Ltd acquired a new position in Adobe Inc. (NASDAQ:ADBE – Get Rating) during the first quarter, Holdings Channel reports. The institutional investor acquired 136,952 shares of the software company's stock, valued at approximately $62,398,000.

A number of other hedge funds have also recently added to or reduced their stakes in ADBE. Benjamin Edwards Inc. bought a new position in Adobe in the fourth quarter worth $35,000. Delos Wealth Advisors LLC increased its stake in shares of Adobe by 169.6% in the fourth quarter. Delos Wealth Advisors LLC now owns 62 shares of the software company's stock valued at $35,000 after buying an additional 39 shares in the last quarter. Industrial Alliance Investment Management Inc. acquired a new stake in shares of Adobe in the fourth quarter valued at $36,000. Core Alternative Capital increased its stake in shares of Adobe by 67.5% in the fourth quarter. Core Alternative Capital now owns 67 shares of the software company's stock valued at $38,000 after buying an additional 27 shares in the last quarter. Finally, Sierra Capital LLC increased its stake in shares of Adobe by 106.1% in the fourth quarter. Sierra Capital LLC now owns 68 shares of the software company's stock valued at $39,000 after buying an additional 35 shares in the last quarter. Institutional investors and hedge funds own 82.54% of the company's stock.

Adobe Price Performance

Adobe stock opened at $433.43 on Friday. The firm has a market capitalization of $202.85 billion, a P/E ratio of 42.33, a PEG ratio of 2.39 and a beta of 1.12. Adobe Inc. has a one year low of $338.00 and a one year high of $699.54. The business has a fifty day moving average price of $392.99 and a 200-day moving average price of $427.11. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.07 and a quick ratio of 1.07.

Analyst Upgrades and Downgrades

ADBE has been the topic of several recent research reports. Oppenheimer decreased their price target on Adobe from $560.00 to $400.00 and set an "outperform" rating on the stock in a report on Friday, June 17th. Morgan Stanley cut Adobe from an "overweight" rating to an "equal weight" rating and reduced their target price for the stock from $591.00 to $362.00 in a report on Tuesday, June 21st. Robert W. Baird cut their price objective on Adobe from $550.00 to $450.00 and set an "outperform" rating on the stock in a report on Friday, June 17th. UBS Group cut their price objective on Adobe from $450.00 to $415.00 and set a "neutral" rating on the stock in a report on Friday, June 17th. Finally, Mizuho cut their price objective on Adobe from $530.00 to $480.00 and set a "buy" rating on the stock in a report on Friday, June 17th. Six equities research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the stock. According to MarketBeat.com, Adobe currently has a consensus rating of "Moderate Buy" and an average target price of $489.31.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 2,711 shares of the stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $393.58, for a total transaction of $1,066,995.38. Following the completion of the transaction, the executive vice president now owns 26,089 shares of the company's stock, valued at approximately $10,268,108.62. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Scott Belsky sold 2,711 shares of the stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $393.58, for a total value of $1,066,995.38. Following the completion of the transaction, the executive vice president now owns 26,089 shares of the company's stock, valued at approximately $10,268,108.62. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 132 shares of the stock in a transaction dated Friday, July 22nd. The shares were sold at an average price of $409.75, for a total transaction of $54,087.00. Following the completion of the transaction, the chief accounting officer now directly owns 2,465 shares of the company's stock, valued at approximately $1,010,033.75. The disclosure for this sale can be found here. In the last three months, insiders have sold 3,637 shares of company stock valued at $1,438,682. 0.23% of the stock is owned by corporate insiders.

About Adobe

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Adobe Inc 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.

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