Victory Capital Management Inc. has increased its holdings in Adobe Inc. (NASDAQ: ADBE) by 6.7% during the first quarter of 2024, as reported in its latest disclosure with the Securities and Exchange Commission. The firm now owns 558,088 shares of Adobe, following the acquisition of an additional 35,171 shares during this period. As of the end of the most recent reporting period, Victory Capital’s stake in Adobe was valued at approximately $214.04 million.
Other institutional investors have also adjusted their positions in Adobe recently. Notably, Siemens Fonds Invest GmbH raised its stake by an impressive 252.9% in the fourth quarter, now holding 55,658 shares valued at $25,000 after purchasing an additional 39,888 shares. Other firms, including Barnes Dennig Private Wealth Management LLC, SWAN Capital LLC, and Copia Wealth Management, also entered new positions in Adobe during the same quarter, with investments ranging from $26,000 to $31,000. Currently, hedge funds and institutional investors collectively own 81.79% of Adobe’s stock.
Adobe Stock Performance and Analyst Ratings
As of the latest trading session, Adobe shares opened at $364.18, reflecting a slight decline of 0.8%. The company’s fifty-day simple moving average stands at $395.36, while the two-hundred-day average is at $404.39. Adobe’s market capitalization is currently around $154.49 billion, with a price-to-earnings (P/E) ratio of 23.30 and a beta of 1.51. The stock has seen a twelve-month low of $332.01 and a high of $587.75.
Several research firms have recently provided updates on Adobe’s stock. On April 16, 2024, Morgan Stanley lowered its price target for Adobe from $600.00 to $510.00 while maintaining an “overweight” rating. Similarly, Mizuho adjusted its target price from $575.00 to $530.00 with an “outperform” rating. In a more favorable note, DA Davidson reaffirmed a “buy” rating with a price target of $500.00 on June 20, 2024. KeyCorp upgraded its rating from “underweight” to “sector weight” on March 21, 2024, while UBS Group increased its price target from $380.00 to $430.00 on June 9, 2024.
According to MarketBeat.com, the overall analyst sentiment for Adobe is rated as “Moderate Buy,” with a consensus target price of $473.88. The stock currently holds two sell ratings, eight hold ratings, sixteen buy ratings, and two strong buy ratings.
Overview of Adobe Inc.
Adobe Inc., headquartered in San Jose, California, operates as a diversified software company worldwide. The company functions through three primary segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment provides various products and services designed for individuals, teams, and enterprises to create, publish, and promote content, bolstered by its Document Cloud platform.
For those interested in tracking further developments related to Adobe, including hedge fund activities, resources like HoldingsChannel.com provide access to the latest 13F filings and insider trades. Additionally, individuals can subscribe to MarketBeat.com for daily updates on news and analyst ratings for Adobe and similar companies.
