Keel Point LLC Raises Position in Adobe Inc. (NASDAQ:ADBE)

Keel Point LLC boosted its position in shares of Adobe Inc. (NASDAQ:ADBEFree Report) by 4.2% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,991 shares of the software company’s stock after buying an additional 81 shares during the period. Keel Point LLC’s holdings in Adobe were worth $974,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Sage Capital Advisors llc grew its stake in Adobe by 0.4% during the 2nd quarter. Sage Capital Advisors llc now owns 5,599 shares of the software company’s stock valued at $2,738,000 after acquiring an additional 21 shares in the last quarter. Roberts Wealth Advisors LLC lifted its position in Adobe by 0.9% during the second quarter. Roberts Wealth Advisors LLC now owns 6,848 shares of the software company’s stock worth $3,349,000 after buying an additional 60 shares in the last quarter. Lantz Financial LLC boosted its stake in Adobe by 6.3% during the second quarter. Lantz Financial LLC now owns 646 shares of the software company’s stock worth $316,000 after buying an additional 38 shares during the last quarter. First National Bank of South Miami grew its holdings in Adobe by 12.6% in the 2nd quarter. First National Bank of South Miami now owns 411 shares of the software company’s stock valued at $201,000 after buying an additional 46 shares in the last quarter. Finally, Berkshire Bank increased its stake in shares of Adobe by 25.3% in the 2nd quarter. Berkshire Bank now owns 1,436 shares of the software company’s stock worth $702,000 after acquiring an additional 290 shares during the last quarter. Hedge funds and other institutional investors own 80.00% of the company’s stock.

Adobe Stock Up 0.1 %

Shares of NASDAQ:ADBE traded up $0.53 during trading hours on Tuesday, reaching $532.95. The stock had a trading volume of 608,056 shares, compared to its average volume of 3,207,919. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.25. The firm’s 50 day moving average is $530.08 and its 200-day moving average is $443.78. The stock has a market capitalization of $242.92 billion, a price-to-earnings ratio of 48.00, a P/E/G ratio of 3.17 and a beta of 1.33. Adobe Inc. has a 1 year low of $274.73 and a 1 year high of $570.24.

Adobe (NASDAQ:ADBEGet Free Report) last announced its quarterly earnings results on Thursday, September 14th. The software company reported $4.09 earnings per share (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 during the quarter, compared to the consensus estimate of $4.87 billion. During the same period in the previous year, the business earned $2.63 EPS. Adobe’s revenue for the quarter was up 10.3% on a year-over-year basis. Research analysts predict that Adobe Inc. will post 12.58 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In other 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 approximately $192,814,356.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Shantanu Narayen sold 35,000 shares of the stock in a transaction on Thursday, June 22nd. The shares were 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 document filed with the SEC, which can be accessed through the SEC website. Also, EVP Dana Rao sold 2,600 shares of Adobe stock in a transaction on Friday, June 23rd. The shares were sold at an average price of $480.21, for a total transaction of $1,248,546.00. Following the completion of the transaction, the executive vice president now owns 17,466 shares in the company, valued at $8,387,347.86. 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 three months. Insiders own 0.24% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the topic of several recent research reports. StockNews.com started coverage on shares of Adobe in a research report on Thursday, August 17th. They set a “buy” rating on the stock. Wolfe Research boosted their target price on shares of Adobe from $580.00 to $650.00 and gave the company an “outperform” rating in a report on Friday. Mizuho restated a “buy” rating and set a $630.00 price target on shares of Adobe in a report on Friday. Barclays upped their price objective on Adobe from $620.00 to $640.00 and gave the company an “equal weight” rating in a report on Friday. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $615.00 target price on shares of Adobe in a research note on Friday. Nine investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $588.15.

View Our Latest Analysis on ADBE

Adobe Profile

(Free Report)

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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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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