Wedgewood Investors Inc. PA Acquires Shares of 862 Adobe Inc. (NASDAQ:ADBE)

Wedgewood Investors Inc. PA bought a new stake in Adobe Inc. (NASDAQ:ADBE) in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 862 shares of the software company’s stock, valued at approximately $479,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Barlow Wealth Partners Inc. purchased a new position in shares of Adobe in the fourth quarter valued at $16,700,000. Vise Technologies Inc. lifted its position in Adobe by 267.3% in the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock worth $4,635,000 after buying an additional 5,654 shares during the last quarter. Steph & Co. lifted its position in Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares during the last quarter. Naviter Wealth LLC lifted its position in Adobe by 39.7% in the fourth quarter. Naviter Wealth LLC now owns 3,502 shares of the software company’s stock worth $2,089,000 after buying an additional 996 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its position in Adobe by 16.2% in the first quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock worth $1,435,000 after buying an additional 398 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the sale, the chief accounting officer now owns 2,740 shares in the company, valued at $1,439,897.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the sale, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 value of $138,734.64. Following the completion of the sale, the chief accounting officer now owns 2,740 shares in the company, valued at approximately $1,439,897.40. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 27,523 shares of company stock worth $14,994,277. Insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

ADBE has been the subject of a number of analyst reports. Royal Bank of Canada restated an “outperform” rating and issued a $600.00 price target on shares of Adobe in a research report on Thursday, August 1st. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Friday, June 14th. Sanford C. Bernstein raised their price target on Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a research report on Monday, June 17th. JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $570.00 to $580.00 in a research report on Friday, June 14th. Finally, BMO Capital Markets lifted their target price on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research report on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $601.38.

Adobe Stock Up 0.2 %

ADBE traded up $0.86 on Friday, hitting $558.30. The company had a trading volume of 2,023,465 shares, compared to its average volume of 3,250,660. The stock has a fifty day moving average price of $546.08 and a 200-day moving average price of $520.08. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. 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 $247.55 billion, a price-to-earnings ratio of 50.16, a P/E/G ratio of 2.85 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping 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 for the quarter, compared to analyst estimates of $5.29 billion. During the same quarter in the previous year, the firm earned $3.04 earnings per share. The company’s revenue was up 10.2% on a year-over-year basis. Analysts predict that Adobe Inc. will post 14.69 EPS for the current fiscal year.

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.