Adobe Inc. (NASDAQ:ADBE) Shares Acquired by EP Wealth Advisors LLC

EP Wealth Advisors LLC lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 0.8% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 8,583 shares of the software company’s stock after purchasing an additional 71 shares during the quarter. EP Wealth Advisors LLC’s holdings in Adobe were worth $4,331,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in ADBE. Carlson Capital L P purchased a new stake in shares of Adobe during the first quarter worth about $5,626,000. Freestone Capital Holdings LLC boosted its stake in Adobe by 3.8% during the 1st quarter. Freestone Capital Holdings LLC now owns 19,081 shares of the software company’s stock valued at $9,628,000 after purchasing an additional 696 shares in the last quarter. CreativeOne Wealth LLC boosted its stake in Adobe by 107.1% during the 1st quarter. CreativeOne Wealth LLC now owns 10,785 shares of the software company’s stock valued at $5,442,000 after purchasing an additional 5,577 shares in the last quarter. Delap Wealth Advisory LLC acquired a new stake in shares of Adobe during the 1st quarter valued at $554,000. Finally, EntryPoint Capital LLC acquired a new stake in shares of Adobe during the 1st quarter valued at $225,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the transaction, the executive vice president now owns 21,114 shares in the company, valued at $10,014,370.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, EVP Scott Belsky sold 2,713 shares of Adobe stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the transaction, the executive vice president now owns 21,114 shares in the company, valued at $10,014,370.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction that occurred on Tuesday, July 16th. The shares were 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 owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The disclosure for this sale can be found here. Insiders sold a total of 29,658 shares of company stock worth $15,970,667 over the last quarter. Company insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of NASDAQ ADBE traded up $10.29 during mid-day trading on Friday, hitting $542.44. The company had a trading volume of 2,088,013 shares, compared to its average volume of 3,431,263. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The business’s 50-day simple moving average is $515.72 and its 200-day simple moving average is $531.03. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The firm has a market cap of $240.52 billion, a P/E ratio of 48.93, a PEG ratio of 2.77 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. The firm had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter last year, the company earned $3.04 earnings per share. As a group, analysts predict that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have recently issued reports on ADBE. Oppenheimer restated an “outperform” rating and issued a $580.00 target price on shares of Adobe in a report on Friday, June 14th. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Friday, June 14th. Citigroup dropped their price target on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a research note on Monday, June 10th. Evercore ISI reaffirmed an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research note on Friday, June 7th. Finally, Piper Sandler Companies reaffirmed an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research note on Friday, July 12th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have issued a buy rating to the company’s stock. According to MarketBeat, Adobe currently has an average rating of “Moderate Buy” and an average price target of $603.33.

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.