Cambridge Investment Research Advisors Inc. Boosts Stake in Adobe Inc. (NASDAQ:ADBE)

Cambridge Investment Research Advisors Inc. lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 12.7% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 77,775 shares of the software company’s stock after acquiring an additional 8,781 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Adobe were worth $38,031,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Financial Management Professionals Inc. grew its holdings in Adobe by 25.0% in the second quarter. Financial Management Professionals Inc. now owns 105 shares of the software company’s stock valued at $51,000 after purchasing an additional 21 shares during the period. Sage Capital Advisors llc grew its holdings in Adobe by 0.4% in the second quarter. Sage Capital Advisors llc now owns 5,599 shares of the software company’s stock valued at $2,738,000 after purchasing an additional 21 shares during the period. M&R Capital Management Inc. grew its holdings in Adobe by 11.0% in the second quarter. M&R Capital Management Inc. now owns 222 shares of the software company’s stock valued at $109,000 after purchasing an additional 22 shares during the period. Sound Income Strategies LLC grew its holdings in Adobe by 18.8% in the second quarter. Sound Income Strategies LLC now owns 152 shares of the software company’s stock valued at $74,000 after purchasing an additional 24 shares during the period. Finally, 180 Wealth Advisors LLC grew its holdings in Adobe by 1.9% in the first quarter. 180 Wealth Advisors LLC now owns 1,483 shares of the software company’s stock valued at $572,000 after purchasing an additional 27 shares during the period. 80.00% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ADBE. TheStreet upgraded shares of Adobe from a “c+” rating to a “b-” rating in a report on Wednesday, June 21st. 888 reiterated a “maintains” rating on shares of Adobe in a research note on Friday, June 16th. Piper Jaffray Companies boosted their price objective on shares of Adobe from $500.00 to $572.00 and gave the stock an “overweight” rating in a research note on Friday, June 16th. Wolfe Research boosted their price objective on shares of Adobe from $580.00 to $650.00 and gave the stock an “outperform” rating in a research note on Friday. Finally, Deutsche Bank Aktiengesellschaft boosted their target price on shares of Adobe from $550.00 to $610.00 and gave the stock a “buy” rating in a research report on Friday. Nine research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $588.15.

Insider Transactions at Adobe

In related news, CEO Shantanu Narayen sold 35,000 shares of the stock in a transaction that occurred on Thursday, June 22nd. The stock was sold at an average price of $478.03, for a total value of $16,731,050.00. Following the transaction, the chief executive officer now owns 403,352 shares in the company, valued at $192,814,356.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Adobe news, EVP Scott Belsky sold 2,191 shares of the stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $520.00, for a total transaction of $1,139,320.00. Following the transaction, the executive vice president now owns 23,775 shares in the company, valued at $12,363,000. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Shantanu Narayen sold 35,000 shares of the firm’s stock in a transaction on Thursday, June 22nd. The stock was sold at an average price of $478.03, for a total transaction of $16,731,050.00. Following the completion of the sale, the chief executive officer now owns 403,352 shares in the company, valued at approximately $192,814,356.56. The disclosure for this sale can be found here. Insiders sold 43,089 shares of company stock valued at $20,720,115 over the last three months. 0.24% of the stock is owned by corporate insiders.

Adobe Trading Up 0.9 %

ADBE stock traded up $4.57 during mid-day trading on Tuesday, reaching $536.99. 1,133,059 shares of the stock traded hands, compared to its average volume of 3,210,763. The company has a current ratio of 1.25, a quick ratio of 1.16 and a debt-to-equity ratio of 0.23. Adobe Inc. has a 52-week low of $274.73 and a 52-week high of $570.24. The company has a market cap of $244.76 billion, a P/E ratio of 48.00, a P/E/G ratio of 3.17 and a beta of 1.33. The stock’s fifty day moving average is $530.08 and its 200-day moving average is $443.78.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 14th. The software company reported $4.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.98 by $0.11. The business had revenue of $4.89 billion during the quarter, compared to analyst estimates of $4.87 billion. Adobe had a net margin of 27.11% and a return on equity of 37.73%. The firm’s revenue was up 10.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.63 earnings per share. As a group, sell-side analysts expect that Adobe Inc. will post 12.58 earnings per share for the current year.

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.