Cornerstone Wealth Group LLC Has $694,000 Stock Position in Adobe Inc. (NASDAQ:ADBE)

Cornerstone Wealth Group LLC raised its position in Adobe Inc. (NASDAQ:ADBE) by 13.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,250 shares of the software company’s stock after buying an additional 144 shares during the period. Cornerstone Wealth Group LLC’s holdings in Adobe were worth $694,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Barlow Wealth Partners Inc. acquired a new stake in Adobe in the 4th quarter valued at about $16,700,000. Vise Technologies Inc. boosted its position in Adobe by 267.3% in the 4th quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock valued at $4,635,000 after buying an additional 5,654 shares during the last quarter. Steph & Co. increased its stake in shares of Adobe by 63.8% in the 1st 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 period. Naviter Wealth LLC raised its position in shares of Adobe by 39.7% during the fourth quarter. Naviter Wealth LLC now owns 3,502 shares of the software company’s stock worth $2,089,000 after acquiring an additional 996 shares during the last quarter. Finally, International Assets Investment Management LLC lifted its stake in shares of Adobe by 16.2% during the first quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock valued at $1,435,000 after acquiring an additional 398 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on the company. Stifel Nicolaus dropped 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. Melius cut shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective on the stock. in a research note on Monday, June 10th. TD Cowen lowered their target price on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a report on Monday, June 10th. Citigroup cut their price target on Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a research note on Monday, June 10th. Finally, Mizuho reaffirmed a “buy” rating and set a $640.00 price objective (down from $680.00) on shares of Adobe in a research note on Friday, June 7th. Two research 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. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $601.38.

Adobe Stock Up 0.2 %

Shares of NASDAQ ADBE traded up $0.86 during mid-day trading 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 company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The firm has a 50-day simple moving average of $546.08 and a two-hundred day simple moving average of $521.35. The company has a market capitalization of $247.55 billion, a PE ratio of 50.16, a price-to-earnings-growth ratio of 2.85 and a beta of 1.30. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The firm had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business’s revenue was up 10.2% compared to the same quarter last year. During the same period last year, the company earned $3.04 earnings per share. On average, equities analysts expect that Adobe Inc. will post 14.69 EPS for the current year.

Insider Activity

In other news, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the sale, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Adobe news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $258,297.00. Following the completion of the sale, the executive vice president now owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the transaction, the chief accounting officer now owns 2,740 shares in the company, valued at $1,439,897.40. The disclosure for this sale can be found here. Insiders sold a total of 27,523 shares of company stock valued at $14,994,277 in the last quarter. Company insiders own 0.15% of the company’s stock.

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.