Capital Advisors Wealth Management LLC bought a new position in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) in the second quarter, Holdings Channel reports. The fund bought 527 shares of the software company’s stock, valued at approximately $258,000.
Other hedge funds have also recently added to or reduced their stakes in the company. NewSquare Capital LLC lifted its stake in Adobe by 278.9% during the first quarter. NewSquare Capital LLC now owns 72 shares of the software company’s stock valued at $28,000 after buying an additional 53 shares in the last quarter. Financial Freedom LLC acquired a new stake in shares of Adobe during the fourth quarter valued at approximately $29,000. Financial Management Professionals Inc. lifted its position 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 valued at $32,000 after acquiring an additional 53 shares in the last quarter. Independence Bank of Kentucky boosted its stake in Adobe by 209.1% in the 2nd quarter. Independence Bank of Kentucky now owns 68 shares of the software company’s stock worth $33,000 after purchasing an additional 46 shares during the period. Finally, Fortis Capital Advisors LLC purchased a new position in Adobe during the 4th quarter worth approximately $35,000. Institutional investors and hedge funds own 80.00% of the company’s stock.
Insider Transactions at Adobe
In other Adobe news, CEO Shantanu Narayen sold 35,000 shares of the firm’s stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $478.03, for a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Adobe news, CEO Shantanu Narayen sold 35,000 shares of the business’s stock in a transaction dated 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 approximately $192,814,356.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John E. Warnock sold 3,000 shares of the stock in a transaction that occurred on Friday, June 23rd. The shares were sold at an average price of $481.41, for a total transaction of $1,444,230.00. Following the completion of the transaction, the director now owns 372,965 shares in the company, valued at $179,549,080.65. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 43,089 shares of company stock worth $20,720,115. Insiders own 0.24% of the company’s stock.
Adobe Price Performance
Adobe (NASDAQ:ADBE – Get Free Report) last announced its earnings results on Thursday, September 14th. The software company reported $4.09 EPS for the quarter, topping the consensus estimate of $3.98 by $0.11. Adobe had a return on equity of 36.84% and a net margin of 26.34%. The business had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $4.87 billion. During the same period in the previous year, the business earned $2.63 EPS. Adobe’s revenue was up 10.3% compared to the same quarter last year. On average, analysts anticipate that Adobe Inc. will post 12.56 EPS for the current year.
Analyst Ratings Changes
A number of research firms have recently issued reports on ADBE. UBS Group increased their target price on Adobe from $525.00 to $600.00 and gave the company a “neutral” rating in a report on Wednesday, September 6th. TheStreet upgraded Adobe from a “c+” rating to a “b-” rating in a research report on Wednesday, June 21st. Jefferies Financial Group upped their target price on Adobe from $600.00 to $660.00 and gave the company a “buy” rating in a report on Monday, September 11th. Stifel Nicolaus increased their target price on shares of Adobe from $550.00 to $600.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Sanford C. Bernstein boosted their price target on shares of Adobe from $431.00 to $585.00 in a report on Monday, June 19th. Nine equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $586.38.
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.
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