Keel Point LLC boosted its position in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) 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.
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 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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