Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Keel Point LLC

Keel Point LLC boosted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 4.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,991 shares of the software company’s stock after acquiring an additional 81 shares during the period. Keel Point LLC’s holdings in Adobe were worth $974,000 as of its most recent SEC filing.

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

Adobe Trading Up 0.1 %

Shares of ADBE stock traded up $0.53 during trading hours on Tuesday, hitting $532.95. 608,056 shares of the company were exchanged, compared to its average volume of 3,207,919. Adobe Inc. has a 1 year low of $274.73 and a 1 year high of $570.24. The firm has a fifty day moving average of $530.08 and a 200 day moving average of $443.78. The firm has a market cap of $242.92 billion, a PE ratio of 48.00, a PEG ratio of 3.17 and a beta of 1.33. The company has a quick ratio of 1.16, a current ratio of 1.25 and a debt-to-equity ratio of 0.23.

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

Insider Activity

In other Adobe news, CEO Shantanu Narayen sold 35,000 shares of the firm’s 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 owns 403,352 shares in the company, valued at approximately $192,814,356.56. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related 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 value 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Scott Belsky sold 2,191 shares of Adobe stock in a transaction that occurred on Monday, July 24th. The stock was sold at an average price of $520.00, for a total value of $1,139,320.00. Following the completion of the transaction, the executive vice president now owns 23,775 shares of the company’s stock, valued at approximately $12,363,000. The disclosure for this sale can be found here. Insiders have sold 43,089 shares of company stock worth $20,720,115 over the last 90 days. Company insiders own 0.24% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the subject of several research analyst reports. The Goldman Sachs Group upped their price objective on shares of Adobe from $550.00 to $625.00 and gave the company a “buy” rating in a research note on Friday. Royal Bank of Canada reissued an “outperform” rating and issued a $615.00 price objective on shares of Adobe in a report on Friday. Robert W. Baird upped their price target on shares of Adobe from $500.00 to $540.00 and gave the company a “neutral” rating in a research report on Friday. Atlantic Securities raised their price objective on shares of Adobe from $420.00 to $580.00 in a research report on Friday, June 16th. Finally, 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 note on Friday. Nine equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus price target of $588.15.

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.