Adobe Inc. (NASDAQ:ADBE) Shares Bought by McCollum Christoferson Group LLC

McCollum Christoferson Group LLC grew its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 1,328.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 6,287 shares of the software company’s stock after purchasing an additional 5,847 shares during the quarter. McCollum Christoferson Group LLC’s holdings in Adobe were worth $3,493,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of ADBE. Tradewinds Capital Management LLC lifted its stake in shares of Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after acquiring an additional 40 shares in the last quarter. Salomon & Ludwin LLC lifted its stake in shares of Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after acquiring an additional 45 shares in the last quarter. Summit Securities Group LLC acquired a new position in shares of Adobe in the second quarter worth about $33,000. Steph & Co. increased its holdings in Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares during the last quarter. Finally, Lynx Investment Advisory bought a new stake in Adobe in the second quarter valued at about $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

ADBE traded up $4.78 during trading on Friday, reaching $574.41. The stock had a trading volume of 1,982,970 shares, compared to its average volume of 3,201,657. The firm has a market capitalization of $254.69 billion, a price-to-earnings ratio of 51.61, a price-to-earnings-growth ratio of 2.85 and a beta of 1.30. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The stock has a 50 day moving average of $550.32 and a two-hundred day moving average of $519.64.

Adobe (NASDAQ:ADBE) last released its 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 firm had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. During the same period in the prior year, the firm posted $3.04 earnings per share. The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year. As a group, equities analysts anticipate that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Insider Activity

In other news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction 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 approximately $1,501,989. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction 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 approximately $1,501,989. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the sale, the executive vice president now owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. The disclosure for this sale can be found here. In the last 90 days, insiders sold 27,523 shares of company stock worth $14,994,277. Insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on ADBE shares. JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $570.00 to $580.00 in a report on Friday, June 14th. KeyCorp boosted their price objective on Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a report on Friday, June 14th. Evercore ISI reissued an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a report on Friday, June 7th. Stifel Nicolaus lowered their price objective on Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a report on Friday, June 7th. Finally, Barclays boosted their price objective on Adobe from $630.00 to $650.00 and gave the company an “overweight” 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 assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $601.38.

Adobe 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.