D.A. Davidson & CO. raised its holdings in Adobe Inc. (NASDAQ:ADBE – Free Report) by 0.5% during the second quarter, Holdings Channel.com reports. The firm owned 44,720 shares of the software company’s stock after purchasing an additional 208 shares during the period. D.A. Davidson & CO.’s holdings in Adobe were worth $21,868,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ADBE. VELA Investment Management LLC increased its holdings in Adobe by 122.2% in the 1st quarter. VELA Investment Management LLC now owns 1,958 shares of the software company’s stock valued at $892,000 after purchasing an additional 1,077 shares during the last quarter. Bornite Capital Management LP purchased a new position in shares of Adobe during the first quarter worth $15,947,000. United Bank grew its stake in shares of Adobe by 34.7% in the first quarter. United Bank now owns 2,109 shares of the software company’s stock valued at $961,000 after buying an additional 543 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of Adobe by 21.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 525,897 shares of the software company’s stock valued at $239,609,000 after buying an additional 91,328 shares during the period. Finally, Ergoteles LLC lifted its stake in Adobe by 138.3% during the 1st quarter. Ergoteles LLC now owns 6,651 shares of the software company’s stock worth $3,030,000 after acquiring an additional 3,860 shares in the last quarter. Hedge funds and other institutional investors own 80.00% of the company’s stock.
Wall Street Analyst Weigh In
Several equities analysts have weighed in on the company. Mizuho reaffirmed a “buy” rating and issued a $630.00 target price on shares of Adobe in a research report on Friday, September 15th. Evercore ISI lifted their price objective on shares of Adobe from $590.00 to $605.00 and gave the company an “outperform” rating in a report on Friday, September 15th. Bank of America increased their target price on shares of Adobe from $630.00 to $660.00 and gave the stock a “buy” rating in a report on Friday, September 15th. Citigroup boosted their price target on shares of Adobe from $544.00 to $570.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 13th. Finally, The Goldman Sachs Group increased their price objective on Adobe from $550.00 to $625.00 and gave the company a “buy” rating in a research note on Friday, September 15th. Seven research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $603.22.
Insiders Place Their Bets
In other news, CAO Mark S. Garfield sold 264 shares of the stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $524.70, for a total value of $138,520.80. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,127,658.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $524.70, for a total value of $138,520.80. Following the sale, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,127,658.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction on Monday, October 16th. The stock was sold at an average price of $553.18, for a total value of $53,105.28. Following the transaction, 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. In the last ninety days, insiders have sold 2,467 shares of company stock worth $1,337,400. Corporate insiders own 0.24% of the company’s stock.
Adobe Stock Performance
NASDAQ ADBE traded down $2.67 during trading on Tuesday, reaching $610.03. The company’s stock had a trading volume of 474,096 shares, compared to its average volume of 3,090,004. The business’s fifty day moving average price is $545.83 and its 200-day moving average price is $502.47. Adobe Inc. has a twelve month low of $318.60 and a twelve month high of $615.57. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.25 and a current ratio of 1.25. The firm has a market cap of $277.75 billion, a price-to-earnings ratio of 55.14, a P/E/G ratio of 3.43 and a beta of 1.33.
Adobe (NASDAQ:ADBE – Get Free Report) last posted its quarterly earnings data on Thursday, September 14th. The software company reported $4.09 EPS for the quarter, beating the consensus estimate of $3.98 by $0.11. The firm had revenue of $4.89 billion during the quarter, compared to the consensus estimate of $4.87 billion. Adobe had a return on equity of 37.73% and a net margin of 27.11%. The firm’s revenue was up 10.3% compared to the same quarter last year. During the same period in the prior year, the business earned $2.63 EPS. As a group, analysts anticipate that Adobe Inc. will post 12.81 EPS for the current fiscal year.
Adobe Company 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.
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