Covenant Partners LLC Increases Position in Adobe Inc. (NASDAQ:ADBE)

Covenant Partners LLC boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 15.9% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,443 shares of the software company’s stock after purchasing an additional 198 shares during the period. Covenant Partners LLC’s holdings in Adobe were worth $747,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Piscataqua Savings Bank increased its stake in Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after buying an additional 34 shares during the period. Tradewinds Capital Management LLC boosted its holdings in Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares in the last quarter. Salomon & Ludwin LLC increased its position in Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares during the period. Summit Securities Group LLC acquired a new stake in shares of Adobe in the 2nd quarter valued at approximately $33,000. Finally, Lynx Investment Advisory purchased a new stake in shares of Adobe in the second quarter valued at approximately $39,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. Royal Bank of Canada reissued an “outperform” rating and issued a $610.00 target price on shares of Adobe in a report on Tuesday, October 15th. Stifel Nicolaus boosted their price objective on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Oppenheimer reaffirmed an “outperform” rating and issued a $625.00 target price on shares of Adobe in a report on Friday, September 13th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Finally, Argus raised Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Trading Up 0.2 %

Shares of ADBE traded up $0.85 during mid-day trading on Friday, hitting $483.72. The company had a trading volume of 2,426,769 shares, compared to its average volume of 3,190,407. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The business’s 50-day simple moving average is $530.03 and its 200-day simple moving average is $515.60. The stock has a market cap of $214.48 billion, a PE ratio of 43.46, a P/E/G ratio of 2.55 and a beta of 1.29. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. Adobe’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter last year, the business earned $3.26 EPS. Sell-side analysts forecast that Adobe Inc. will post 14.8 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the sale, the executive vice president now directly owns 18,831 shares in the company, valued at approximately $9,675,744.42. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the sale, the executive vice president now owns 18,831 shares in the company, valued at $9,675,744.42. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,030 shares of company stock valued at $17,176,005. 0.15% of the stock is currently 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.