2,850 Shares in Adobe Inc. (NASDAQ:ADBE) Bought by BKA Wealth Consulting Inc.

BKA Wealth Consulting Inc. bought a new position in Adobe Inc. (NASDAQ:ADBE) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 2,850 shares of the software company’s stock, valued at approximately $1,098,000.

Other hedge funds also recently made changes to their positions in the company. VELA Investment Management LLC increased its position in Adobe by 122.2% during the 1st quarter. VELA Investment Management LLC now owns 1,958 shares of the software company’s stock valued at $892,000 after purchasing an additional 1,077 shares during the period. Bornite Capital Management LP purchased a new position in Adobe during the 1st quarter valued at $15,947,000. United Bank increased its position in Adobe by 34.7% during the 1st quarter. United Bank now owns 2,109 shares of the software company’s stock valued at $961,000 after purchasing an additional 543 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Adobe by 21.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 525,897 shares of the software company’s stock valued at $239,609,000 after buying an additional 91,328 shares in the last quarter. Finally, Ergoteles LLC boosted its holdings in shares of Adobe by 138.3% during the 1st quarter. Ergoteles LLC now owns 6,651 shares of the software company’s stock valued at $3,030,000 after buying an additional 3,860 shares in the last quarter. 80.00% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 298 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $526.74, for a total value of $156,968.52. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,135,930.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CAO Mark S. Garfield sold 298 shares of the stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $526.74, for a total value of $156,968.52. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,135,930.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, 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 transaction of $16,731,050.00. Following the completion of the sale, the chief executive officer now directly owns 403,352 shares of the company’s stock, valued at $192,814,356.56. The disclosure for this sale can be found here. In the last ninety days, insiders sold 43,089 shares of company stock valued at $20,720,115. 0.24% of the stock is owned by corporate insiders.

Adobe Stock Performance

Shares of NASDAQ ADBE traded up $8.74 during midday trading on Wednesday, hitting $550.95. 2,015,185 shares of the company’s stock traded hands, compared to its average volume of 3,170,819. Adobe Inc. has a 1 year low of $274.73 and a 1 year high of $570.24. The stock has a market capitalization of $251.12 billion, a price-to-earnings ratio of 52.84, a price-to-earnings-growth ratio of 3.36 and a beta of 1.33. The company has a debt-to-equity ratio of 0.24, a quick ratio of 1.16 and a current ratio of 1.16. The firm has a fifty day moving average of $526.47 and a 200 day moving average of $439.10.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, June 15th. The software company reported $3.91 EPS for the quarter, beating the consensus estimate of $3.79 by $0.12. Adobe had a net margin of 26.34% and a return on equity of 36.84%. The firm had revenue of $4.82 billion during the quarter, compared to analyst estimates of $4.77 billion. During the same quarter in the prior year, the firm earned $2.70 EPS. The business’s revenue for the quarter was up 9.8% compared to the same quarter last year. On average, analysts forecast that Adobe Inc. will post 12.56 earnings per share for the current year.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of research reports. 888 restated a “maintains” rating on shares of Adobe in a report on Friday, June 16th. Citigroup boosted their target price on shares of Adobe from $544.00 to $570.00 and gave the company a “neutral” rating in a report on Wednesday. JPMorgan Chase & Co. boosted their target price on shares of Adobe from $490.00 to $530.00 and gave the company a “neutral” rating in a report on Wednesday. Mizuho upgraded shares of Adobe from a “neutral” rating to a “buy” rating and boosted their target price for the company from $520.00 to $630.00 in a report on Friday, September 8th. Finally, Atlantic Securities upped their price target on shares of Adobe from $420.00 to $580.00 in a research note on Friday, June 16th. Ten analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $544.39.

Adobe 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.