Spence Asset Management Increases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Spence Asset Management raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 0.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 48,862 shares of the software company’s stock after acquiring an additional 97 shares during the period. Adobe makes up 6.7% of Spence Asset Management’s holdings, making the stock its 3rd largest position. Spence Asset Management’s holdings in Adobe were worth $23,893,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in ADBE. NewSquare Capital LLC raised its stake in shares of Adobe by 278.9% in the 1st quarter. NewSquare Capital LLC now owns 72 shares of the software company’s stock worth $28,000 after buying an additional 53 shares in the last quarter. Financial Freedom LLC bought a new stake in shares of Adobe in the 4th quarter worth $29,000. Financial Management Professionals Inc. raised its stake in shares of Adobe by 171.0% in the 1st quarter. Financial Management Professionals Inc. now owns 84 shares of the software company’s stock worth $32,000 after buying an additional 53 shares in the last quarter. Fortis Capital Advisors LLC bought a new stake in shares of Adobe in the 4th quarter worth $35,000. Finally, Steward Financial Group LLC raised its stake in shares of Adobe by 60.0% in the 1st quarter. Steward Financial Group LLC now owns 96 shares of the software company’s stock worth $36,000 after buying an additional 36 shares in the last quarter. Institutional investors own 80.00% of the company’s stock.

Insider Buying and Selling

In related news, EVP Dana Rao sold 2,600 shares of the business’s stock in a transaction dated Friday, June 23rd. The stock was sold at an average price of $480.21, for a total transaction of $1,248,546.00. Following the completion of the transaction, the executive vice president now owns 17,466 shares of the company’s stock, valued at approximately $8,387,347.86. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, EVP Dana Rao sold 2,600 shares of the company’s stock in a transaction that occurred on Friday, June 23rd. The stock was sold at an average price of $480.21, for a total value of $1,248,546.00. Following the completion of the transaction, the executive vice president now owns 17,466 shares of the company’s stock, valued at approximately $8,387,347.86. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 298 shares of the company’s 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 transaction, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,135,930.70. The disclosure for this sale can be found here. In the last 90 days, insiders sold 43,089 shares of company stock valued at $20,720,115. Insiders own 0.24% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently commented on ADBE. Robert W. Baird boosted their price objective on Adobe from $500.00 to $540.00 in a research note on Friday. Bank of America boosted their price objective on Adobe from $630.00 to $660.00 in a research note on Friday. Mizuho upgraded Adobe from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $520.00 to $630.00 in a report on Friday, September 8th. Atlantic Securities lifted their target price on Adobe from $420.00 to $580.00 in a report on Friday, June 16th. Finally, Evercore ISI lifted their target price on Adobe from $590.00 to $605.00 in a report on Friday. Ten investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. According to MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and an average target price of $565.04.

Adobe Stock Performance

Shares of NASDAQ ADBE opened at $552.16 on Friday. The business’s 50-day moving average price is $527.79 and its two-hundred day moving average price is $439.90. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.16 and a quick ratio of 1.16. Adobe Inc. has a one year low of $274.73 and a one year high of $570.24. The company has a market capitalization of $251.67 billion, a P/E ratio of 52.69, a price-to-earnings-growth ratio of 3.32 and a beta of 1.33.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 14th. The software company reported $4.09 earnings per share for the quarter, topping analysts’ consensus estimates of $3.98 by $0.11. Adobe had a return on equity of 36.84% and a net margin of 26.34%. The company had revenue of $4.89 billion during the quarter, compared to analysts’ expectations of $4.87 billion. During the same quarter in the previous year, the firm earned $2.63 earnings per share. The business’s quarterly revenue was up 10.3% compared to the same quarter last year. Analysts anticipate that Adobe Inc. will post 12.56 earnings per share for the current fiscal year.

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.