SP Asset Management LLC Purchases 33 Shares of Adobe Inc. (NASDAQ:ADBE)

SP Asset Management LLC raised its position in Adobe Inc. (NASDAQ:ADBE) by 1.0% during the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,295 shares of the software company’s stock after acquiring an additional 33 shares during the quarter. SP Asset Management LLC’s holdings in Adobe were worth $1,831,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Sound View Wealth Advisors Group LLC increased its stake in shares of Adobe by 2.5% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 696 shares of the software company’s stock valued at $415,000 after buying an additional 17 shares during the period. Wade G W & Inc. lifted its stake in Adobe by 0.5% in the fourth quarter. Wade G W & Inc. now owns 3,712 shares of the software company’s stock worth $2,215,000 after acquiring an additional 18 shares during the period. Onyx Bridge Wealth Group LLC grew its holdings in Adobe by 3.9% during the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after acquiring an additional 19 shares in the last quarter. HTLF Bank increased its position in Adobe by 3.3% during the 2nd quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after purchasing an additional 19 shares during the period. Finally, Visionary Wealth Advisors raised its holdings in shares of Adobe by 1.0% in the 4th quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock valued at $1,171,000 after purchasing an additional 20 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Up 0.8 %

ADBE stock opened at $574.48 on Wednesday. The company has a market capitalization of $254.72 billion, a P/E ratio of 51.62, a price-to-earnings-growth ratio of 2.94 and a beta of 1.29. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The firm’s fifty day simple moving average is $554.06 and its 200-day simple moving average is $519.46. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16.

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

Analyst Ratings Changes

A number of equities analysts have recently issued reports on ADBE shares. Sanford C. Bernstein increased their price objective on shares of Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research note on Monday, June 17th. Barclays increased their target price on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Royal Bank of Canada reissued an “outperform” rating and issued a $600.00 price target on shares of Adobe in a research report on Thursday, August 1st. Piper Sandler Companies restated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research note on Friday, July 12th. Finally, Robert W. Baird boosted their target price on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a report on Friday, June 14th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $605.52.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction that occurred on 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 in the company, valued at approximately $1,439,897.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In related news, CAO Mark S. Garfield sold 264 shares of Adobe 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 completion of the transaction, the chief accounting officer now owns 2,740 shares in the company, valued at approximately $1,439,897.40. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 151 shares of the stock in a transaction that occurred on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,579,186.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,523 shares of company stock worth $14,994,277. 0.15% of the stock is owned by corporate insiders.

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.