Adobe Inc. (NASDAQ:ADBE) Shares Acquired by First Foundation Advisors

First Foundation Advisors raised its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 6.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 10,640 shares of the software company’s stock after acquiring an additional 687 shares during the period. First Foundation Advisors’ holdings in Adobe were worth $5,911,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of Adobe during the fourth quarter worth $3,277,785,000. Wellington Management Group LLP raised its position in Adobe by 1,213.5% during the 4th quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after buying an additional 1,870,307 shares during the last quarter. Swedbank AB acquired a new stake in shares of Adobe in the 1st quarter worth $621,179,000. Price T Rowe Associates Inc. MD boosted its holdings in shares of Adobe by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after acquiring an additional 1,146,718 shares in the last quarter. Finally, BlueSpruce Investments LP increased its stake in shares of Adobe by 81.1% during the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock worth $648,712,000 after acquiring an additional 575,675 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Down 0.8 %

ADBE stock opened at $563.41 on Monday. The company has a 50 day moving average price of $553.72 and a two-hundred day moving average price of $519.08. 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 stock has a market capitalization of $249.82 billion, a P/E ratio of 50.62, a PEG ratio of 3.00 and a beta of 1.29. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25.

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

Insider Transactions 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 completion of 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 document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the sale, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The disclosure for this sale can be found here. Insiders have sold a total of 27,523 shares of company stock worth $14,994,277 in the last three months. Company insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ADBE. Melius lowered Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective on the stock. in a report on Monday, June 10th. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Friday, June 14th. StockNews.com downgraded Adobe from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Royal Bank of Canada reaffirmed an “outperform” rating and set a $600.00 price target on shares of Adobe in a research note on Thursday, August 1st. Finally, Barclays raised their price objective on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat, Adobe has an average rating of “Moderate Buy” and an average price target of $605.52.

About Adobe

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.