Quest Partners LLC increased its position in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 23.3% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 588 shares of the software company’s stock after acquiring an additional 111 shares during the period. Quest Partners LLC’s holdings in Adobe were worth $327,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently made changes to their positions in the stock. Trium Capital LLP grew its position in shares of Adobe by 2.9% in the 2nd quarter. Trium Capital LLP now owns 8,612 shares of the software company’s stock valued at $4,784,000 after buying an additional 240 shares during the last quarter. Werba Rubin Papier Wealth Management grew its position in shares of Adobe by 2.0% in the 2nd quarter. Werba Rubin Papier Wealth Management now owns 1,169 shares of the software company’s stock valued at $649,000 after buying an additional 23 shares during the last quarter. Arlington Trust Co LLC grew its position in shares of Adobe by 5.6% in the 2nd quarter. Arlington Trust Co LLC now owns 2,807 shares of the software company’s stock valued at $1,559,000 after buying an additional 150 shares during the last quarter. Koss Olinger Consulting LLC bought a new stake in shares of Adobe in the 2nd quarter valued at about $439,000. Finally, Caprock Group LLC grew its position in shares of Adobe by 53.2% in the 2nd quarter. Caprock Group LLC now owns 17,639 shares of the software company’s stock valued at $9,800,000 after buying an additional 6,129 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities research analysts have commented on ADBE shares. Sanford C. Bernstein reduced their price target on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday. Mizuho reissued a “buy” rating and issued a $640.00 price objective (down from $680.00) on shares of Adobe in a research note on Friday, June 7th. UBS Group dropped their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday. Oppenheimer reissued an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a research note on Friday. Finally, Melius Research reissued a “hold” rating and issued a $510.00 price objective on shares of Adobe in a research note on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $608.83.
Check Out Our Latest Stock Report on ADBE
Insider Activity
In other Adobe news, CAO Mark S. Garfield sold 151 shares of the stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 264 shares of the stock in a transaction on Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the transaction, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 151 shares of the stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The disclosure for this sale can be found here. Insiders sold a total of 27,523 shares of company stock valued at $14,994,277 over the last three months. Corporate insiders own 0.15% of the company’s stock.
Adobe Stock Performance
ADBE stock opened at $536.87 on Friday. The firm has a market cap of $238.05 billion, a PE ratio of 48.24, a P/E/G ratio of 3.03 and a beta of 1.29. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The business has a 50 day moving average of $553.76 and a 200-day moving average of $520.19. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25.
Adobe (NASDAQ:ADBE – Get Free Report) last released its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period in the prior year, the company posted $3.26 earnings per share. As a group, sell-side analysts expect that Adobe Inc. will post 14.69 earnings per share for the current year.
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.
Further Reading
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