Angeles Investment Advisors LLC Grows Position in Adobe Inc. (NASDAQ:ADBE)

Angeles Investment Advisors LLC boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 62.0% in the second quarter, Holdings Channel.com reports. The institutional investor owned 2,526 shares of the software company’s stock after acquiring an additional 967 shares during the period. Angeles Investment Advisors LLC’s holdings in Adobe were worth $1,403,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Tradewinds Capital Management LLC raised its holdings in shares of Adobe by 266.7% during the first 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 during the last quarter. Salomon & Ludwin LLC grew its position in Adobe by 346.2% in 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 purchased a new stake in Adobe during the 2nd quarter valued at $33,000. Lynx Investment Advisory bought a new position in shares of Adobe during the 2nd quarter valued at $39,000. Finally, Hobbs Group Advisors LLC purchased a new position in shares of Adobe in the 2nd quarter worth $39,000. Institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

NASDAQ ADBE opened at $536.87 on Monday. The stock has a market capitalization of $238.05 billion, a PE ratio of 48.24, a P/E/G ratio of 3.03 and a beta of 1.29. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The business has a 50 day simple moving average of $553.76 and a two-hundred day simple moving average of $519.73. 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 (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the previous year, the business posted $3.26 earnings per share. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. On average, research analysts predict that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the transaction, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The disclosure for this sale can be found here. In the last three months, insiders sold 27,259 shares of company stock valued at $14,855,543. Insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of research reports. UBS Group reduced their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday. Wells Fargo & Company upped their price target on shares of Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. TD Cowen dropped their price objective on shares of Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a report on Monday, June 10th. Melius Research restated a “hold” rating and set a $510.00 target price on shares of Adobe in a research report on Monday, June 10th. Finally, Mizuho reiterated a “buy” rating and issued a $640.00 price target (down from $680.00) on shares of Adobe in a research report on Friday, June 7th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $606.58.

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.