12,409 Shares in Adobe Inc. (NASDAQ:ADBE) Purchased by Diversify Wealth Management LLC

Diversify Wealth Management LLC bought a new stake in shares of Adobe Inc. (NASDAQ:ADBE) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 12,409 shares of the software company’s stock, valued at approximately $6,320,000. Adobe accounts for 0.7% of Diversify Wealth Management LLC’s holdings, making the stock its 28th largest holding.

Other hedge funds have also recently modified their holdings of the company. Onyx Bridge Wealth Group LLC boosted its holdings in shares of 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 purchasing an additional 19 shares during the last quarter. HTLF Bank boosted its stake in Adobe by 3.3% during the second quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after buying an additional 19 shares during the last quarter. Visionary Wealth Advisors grew its holdings in 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 buying an additional 20 shares in the last quarter. Orrstown Financial Services Inc. increased its stake in shares of Adobe by 0.9% in the 2nd quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock worth $1,257,000 after acquiring an additional 20 shares during the last quarter. Finally, Orser Capital Management LLC raised its holdings in shares of Adobe by 0.3% during the 2nd quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock worth $3,815,000 after acquiring an additional 20 shares during the period. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the sale, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $258,297.00. Following the completion of the transaction, the executive vice president now owns 19,658 shares in the company, valued at $10,556,346. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,523 shares of company stock valued at $14,994,277. Insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ADBE. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Friday. Barclays raised their price target on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Robert W. Baird upped their price objective on Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a report on Friday, June 14th. JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $570.00 to $580.00 in a research note on Friday, June 14th. Finally, BMO Capital Markets upped their price target on Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research note on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-one have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $608.83.

Adobe Trading Down 8.5 %

ADBE opened at $536.87 on Friday. The business has a fifty day moving average price of $553.76 and a 200 day moving average price of $519.96. 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 Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The stock has a market capitalization of $238.05 billion, a price-to-earnings ratio of 48.24, a PEG ratio of 3.03 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the previous year, the company posted $3.26 earnings per share. Sell-side analysts expect that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

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.