Commonwealth Equity Services LLC Boosts Holdings in Adobe Inc. (NASDAQ:ADBE)

Commonwealth Equity Services LLC raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 4.9% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 145,721 shares of the software company’s stock after acquiring an additional 6,839 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Adobe were worth $71,256,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Marietta Wealth Management LLC grew its holdings in shares of Adobe by 7.5% during the second quarter. Marietta Wealth Management LLC now owns 13,870 shares of the software company’s stock worth $6,782,000 after buying an additional 969 shares in the last quarter. Ilmarinen Mutual Pension Insurance Co grew its holdings in shares of Adobe by 11.1% during the first quarter. Ilmarinen Mutual Pension Insurance Co now owns 50,000 shares of the software company’s stock worth $19,269,000 after buying an additional 5,000 shares in the last quarter. Scotia Capital Inc. grew its holdings in shares of Adobe by 4.7% during the second quarter. Scotia Capital Inc. now owns 126,816 shares of the software company’s stock worth $62,012,000 after buying an additional 5,663 shares in the last quarter. Sovereign Financial Group Inc. purchased a new stake in shares of Adobe during the second quarter worth about $1,020,000. Finally, Stiles Financial Services Inc grew its holdings in shares of Adobe by 6.0% during the second quarter. Stiles Financial Services Inc now owns 3,600 shares of the software company’s stock worth $1,760,000 after buying an additional 205 shares in the last quarter. 80.00% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Stock Performance

ADBE stock traded up $0.60 during trading on Friday, hitting $602.66. 1,969,358 shares of the company’s stock traded hands, compared to its average volume of 3,105,284. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.23. Adobe Inc. has a 52 week low of $318.60 and a 52 week high of $613.71. The stock has a fifty day moving average price of $544.87 and a two-hundred day moving average price of $498.52. The stock has a market capitalization of $274.39 billion, a price-to-earnings ratio of 54.24, a price-to-earnings-growth ratio of 3.43 and a beta of 1.33.

Adobe (NASDAQ:ADBE) last released its quarterly 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. The business had revenue of $4.89 billion during the quarter, compared to analyst estimates of $4.87 billion. Adobe had a net margin of 27.11% and a return on equity of 37.73%. The company’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.63 earnings per share. As a group, equities analysts anticipate that Adobe Inc. will post 12.81 EPS for the current fiscal year.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 1,991 shares of the company’s stock in a transaction dated Tuesday, October 24th. The shares were sold at an average price of $544.39, for a total value of $1,083,880.49. Following the completion of the sale, the executive vice president now directly owns 21,467 shares of the company’s stock, valued at approximately $11,686,420.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Adobe news, EVP Scott Belsky sold 1,991 shares of the company’s stock in a transaction dated Tuesday, October 24th. The shares were sold at an average price of $544.39, for a total value of $1,083,880.49. Following the completion of the sale, the executive vice president now directly owns 21,467 shares of the company’s stock, valued at approximately $11,686,420.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of the company’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $553.18, for a total transaction of $53,105.28. Following the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,243,144.90. The disclosure for this sale can be found here. Insiders sold 2,467 shares of company stock valued at $1,337,400 over the last 90 days. 0.24% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

ADBE has been the subject of a number of recent research reports. Evercore ISI lifted their price target on shares of Adobe from $590.00 to $605.00 and gave the stock an “outperform” rating in a report on Friday, September 15th. Royal Bank of Canada restated an “outperform” rating and issued a $615.00 target price on shares of Adobe in a report on Wednesday, October 11th. UBS Group boosted their target price on shares of Adobe from $525.00 to $600.00 and gave the company a “neutral” rating in a report on Wednesday, September 6th. Robert W. Baird boosted their target price on shares of Adobe from $500.00 to $540.00 and gave the company a “neutral” rating in a report on Friday, September 15th. Finally, Jefferies Financial Group boosted their target price on shares of Adobe from $600.00 to $660.00 and gave the company a “buy” rating in a report on Monday, September 11th. Seven analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and a consensus price target of $603.22.

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.