Rockbridge Investment Management LCC bought a new position in shares of Adobe Inc (NASDAQ:ADBE) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 82 shares of the software company’s stock, valued at approximately $36,000.
A number of other institutional investors also recently bought and sold shares of the stock. Aviance Capital Partners LLC grew its holdings in Adobe by 191.4% in the second quarter. Aviance Capital Partners LLC now owns 25,888 shares of the software company’s stock valued at $11,269,000 after purchasing an additional 17,004 shares during the period. Beaumont Financial Partners LLC increased its stake in Adobe by 3.6% during the second quarter. Beaumont Financial Partners LLC now owns 1,470 shares of the software company’s stock worth $640,000 after acquiring an additional 51 shares during the last quarter. Westover Capital Advisors LLC grew its stake in shares of Adobe by 37.3% in the second quarter. Westover Capital Advisors LLC now owns 5,725 shares of the software company’s stock valued at $2,492,000 after buying an additional 1,556 shares in the last quarter. Wexford Capital LP acquired a new stake in shares of Adobe in the first quarter valued at $85,000. Finally, Wendell David Associates Inc. acquired a new stake in shares of Adobe in the second quarter valued at $1,711,000. 84.03% of the stock is currently owned by hedge funds and other institutional investors.
In other news, CMO Ann Lewnes sold 5,000 shares of the company’s stock in a transaction that occurred on Tuesday, September 1st. The shares were sold at an average price of $519.74, for a total transaction of $2,598,700.00. Following the transaction, the chief marketing officer now directly owns 35,257 shares in the company, valued at $18,324,473.18. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Gloria Chen sold 497 shares of the company’s stock in a transaction that occurred on Tuesday, September 8th. The stock was sold at an average price of $472.12, for a total transaction of $234,643.64. Following the transaction, the executive vice president now owns 7,365 shares in the company, valued at $3,477,163.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 87,383 shares of company stock worth $39,265,514. Company insiders own 0.31% of the company’s stock.
ADBE has been the subject of a number of research reports. UBS Group lifted their price objective on Adobe from $450.00 to $540.00 and gave the company a “buy” rating in a research note on Thursday, September 10th. They noted that the move was a valuation call. JPMorgan Chase & Co. reaffirmed a “buy” rating and set a $550.00 price target on shares of Adobe in a report on Wednesday. BofA Securities lifted their price target on Adobe from $440.00 to $570.00 and gave the stock a “buy” rating in a report on Wednesday. Sanford C. Bernstein reaffirmed a “buy” rating and set a $562.00 price target on shares of Adobe in a report on Wednesday. Finally, Stifel Nicolaus lifted their price target on Adobe from $426.00 to $550.00 and gave the stock a “buy” rating in a report on Wednesday. Two analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-five have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $487.55.
NASDAQ ADBE traded down $15.06 on Wednesday, reaching $482.61. The company’s stock had a trading volume of 185,953 shares, compared to its average volume of 3,353,773. The firm has a market cap of $233.07 billion, a PE ratio of 63.13, a price-to-earnings-growth ratio of 3.77 and a beta of 0.94. The business has a 50-day moving average price of $470.05 and a 200 day moving average price of $395.83. Adobe Inc has a 52 week low of $255.13 and a 52 week high of $536.88. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.38.
Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Tuesday, September 15th. The software company reported $2.57 EPS for the quarter, beating the Zacks’ consensus estimate of $2.41 by $0.16. The firm had revenue of $3.23 billion for the quarter, compared to analyst estimates of $3.16 billion. Adobe had a net margin of 30.72% and a return on equity of 35.53%. The company’s revenue for the quarter was up 14.0% compared to the same quarter last year. During the same period in the previous year, the business earned $2.05 earnings per share. Analysts anticipate that Adobe Inc will post 8.05 earnings per share for the current fiscal year.
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
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