Palmer Knight Co Purchases 173 Shares of Adobe Inc. (NASDAQ:ADBE)

Palmer Knight Co raised its position in Adobe Inc. (NASDAQ:ADBE) by 1.2% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 14,237 shares of the software company’s stock after acquiring an additional 173 shares during the quarter. Adobe makes up about 3.8% of Palmer Knight Co’s holdings, making the stock its 9th largest holding. Palmer Knight Co’s holdings in Adobe were worth $7,909,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. International Assets Investment Management LLC purchased a new position in shares of Adobe during the 4th quarter worth about $1,468,000. Concentrum Wealth Management grew its position in shares of Adobe by 11.3% during the fourth quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock worth $1,435,194,000 after buying an additional 244,008 shares in the last quarter. Aveo Capital Partners LLC lifted its stake in Adobe by 5.9% during the fourth quarter. Aveo Capital Partners LLC now owns 932 shares of the software company’s stock worth $556,000 after purchasing an additional 52 shares during the last quarter. Gryphon Financial Partners LLC lifted its stake in Adobe by 22.7% during the fourth quarter. Gryphon Financial Partners LLC now owns 3,561 shares of the software company’s stock worth $2,066,000 after purchasing an additional 658 shares during the last quarter. Finally, Heritage Investors Management Corp bought a new position in Adobe during the fourth quarter worth $208,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the transaction, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Adobe news, CAO Mark S. Garfield sold 151 shares of the 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 transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 264 shares of the stock in a transaction that occurred 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 transaction, the chief accounting officer now directly owns 2,740 shares in the company, valued at approximately $1,439,897.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 27,523 shares of company stock valued at $14,994,277. Company insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

ADBE has been the topic of a number of recent analyst reports. Melius Research restated a “hold” rating and set a $510.00 price objective on shares of Adobe in a research note on Monday, June 10th. TD Cowen dropped their price target on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research note on Monday, June 10th. Mizuho reaffirmed a “buy” rating and set a $640.00 target price (down previously from $680.00) on shares of Adobe in a research note on Friday, June 7th. Evercore ISI reiterated an “outperform” rating and set a $650.00 price target on shares of Adobe in a report on Friday, June 7th. Finally, Oppenheimer boosted their target price on Adobe from $580.00 to $625.00 and gave the stock an “outperform” rating in a report on Wednesday. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have given a buy rating to the company. According to MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $603.79.

Adobe Price Performance

ADBE traded up $3.81 on Friday, hitting $571.74. 168,657 shares of the company were exchanged, compared to its average volume of 3,162,761. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The business’s fifty day moving average is $553.57 and its 200 day moving average is $519.26. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The firm has a market capitalization of $253.51 billion, a P/E ratio of 51.03, a price-to-earnings-growth ratio of 3.00 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. During the same quarter in the prior year, the firm earned $3.04 earnings per share. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Adobe Inc. will post 14.69 EPS for the current 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.