Sage Capital Advisors llc raised its stake in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 0.4% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,599 shares of the software company’s stock after buying an additional 21 shares during the quarter. Sage Capital Advisors llc’s holdings in Adobe were worth $2,738,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of the stock. Graham Capital Wealth Management LLC acquired a new stake in shares of Adobe during the 1st quarter worth about $204,246,000. Independence Bank of Kentucky lifted its stake in shares of Adobe by 209.1% during the second quarter. Independence Bank of Kentucky now owns 68 shares of the software company’s stock valued at $33,000 after buying an additional 46 shares during the period. NewSquare Capital LLC boosted its position in Adobe by 278.9% during the first quarter. NewSquare Capital LLC now owns 72 shares of the software company’s stock worth $28,000 after acquiring an additional 53 shares during the last quarter. Financial Management Professionals Inc. grew its stake in Adobe by 171.0% in the 1st quarter. Financial Management Professionals Inc. now owns 84 shares of the software company’s stock worth $32,000 after acquiring an additional 53 shares during the period. Finally, Financial Freedom LLC acquired a new position in Adobe in the 4th quarter valued at $29,000. Hedge funds and other institutional investors own 80.00% of the company’s stock.
Analysts Set New Price Targets
A number of equities research analysts have recently commented on ADBE shares. Bank of America lifted their price objective on Adobe from $630.00 to $660.00 and gave the company a “buy” rating in a research report on Friday. Wells Fargo & Company upped their price objective on shares of Adobe from $600.00 to $625.00 and gave the company an “overweight” rating in a research note on Tuesday, September 12th. Morgan Stanley raised shares of Adobe from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $510.00 to $660.00 in a research report on Monday, July 31st. Barclays upped their price target on shares of Adobe from $620.00 to $640.00 and gave the stock an “equal weight” rating in a research report on Friday. Finally, TD Cowen boosted their price objective on shares of Adobe from $600.00 to $630.00 and gave the company an “outperform” rating in a research note on Friday. Nine analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $588.15.
Adobe Stock Down 0.1 %
Adobe stock traded down $0.46 during midday trading on Tuesday, hitting $531.96. 545,038 shares of the stock were exchanged, compared to its average volume of 3,207,666. Adobe Inc. has a 1 year low of $274.73 and a 1 year high of $570.24. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.25 and a quick ratio of 1.16. The firm has a market cap of $242.47 billion, a P/E ratio of 48.00, a P/E/G ratio of 3.17 and a beta of 1.33. The company has a 50 day moving average price of $530.08 and a two-hundred day moving average price of $443.78.
Adobe (NASDAQ:ADBE – Get Free Report) last announced its 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. The business had revenue of $4.89 billion for the quarter, compared to analyst estimates of $4.87 billion. Adobe had a return on equity of 37.73% and a net margin of 27.11%. The company’s revenue for the quarter was up 10.3% compared to the same quarter last year. During the same period in the previous year, the company earned $2.63 earnings per share. On average, sell-side analysts predict that Adobe Inc. will post 12.58 earnings per share for the current fiscal year.
Insiders Place Their Bets
In other news, CEO Shantanu Narayen sold 35,000 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at $192,814,356.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Dana Rao sold 2,600 shares of the stock in a transaction dated 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 transaction, the executive vice president now owns 17,466 shares of the company’s stock, valued at $8,387,347.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Shantanu Narayen sold 35,000 shares of Adobe 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 transaction, the chief executive officer now owns 403,352 shares of the company’s stock, valued at $192,814,356.56. The disclosure for this sale can be found here. Insiders have sold 43,089 shares of company stock worth $20,720,115 in the last three months. 0.24% of the stock is owned by insiders.
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.
- Five stocks we like better than Adobe
- Compound Interest and Why It Matters When Investing
- 2 Beauty Stocks Beaten By the Ugly Stick But Ready to Rally
- Investing in Travel Stocks Benefits
- Got Nuclear? Three Stocks To Play Energy’s Next Frontier
- Utilities Stocks Explained – How and Why to Invest in Utilities
- The Top 4 Utilities for Value, Yield, and Upside Potential
Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.