SlateStone Wealth LLC Boosts Stock Position in Adobe Inc. (NASDAQ:ADBE)

SlateStone Wealth LLC grew its position in Adobe Inc. (NASDAQ:ADBE) by 14.9% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 6,987 shares of the software company’s stock after buying an additional 907 shares during the period. SlateStone Wealth LLC’s holdings in Adobe were worth $3,881,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Catalyst Financial Partners LLC lifted its position in Adobe by 8.8% during the second quarter. Catalyst Financial Partners LLC now owns 1,772 shares of the software company’s stock valued at $984,000 after purchasing an additional 143 shares during the period. Bristlecone Advisors LLC boosted its stake in shares of Adobe by 0.6% in the second quarter. Bristlecone Advisors LLC now owns 9,142 shares of the software company’s stock worth $5,079,000 after buying an additional 58 shares during the last quarter. Alta Capital Management LLC grew its holdings in Adobe by 8.1% during the second quarter. Alta Capital Management LLC now owns 115,527 shares of the software company’s stock worth $64,180,000 after acquiring an additional 8,620 shares during the period. IMA Advisory Services Inc. raised its position in Adobe by 44.6% during the second quarter. IMA Advisory Services Inc. now owns 4,523 shares of the software company’s stock valued at $2,513,000 after acquiring an additional 1,394 shares in the last quarter. Finally, Obsidian Personal Planning Solutions LLC acquired a new position in Adobe in the second quarter valued at approximately $222,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity

In related news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,501,989. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,523 shares of company stock valued at $14,994,277. 0.15% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on ADBE shares. Barclays lifted their target price on shares of Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Sanford C. Bernstein raised their target price on Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research report on Monday, June 17th. BMO Capital Markets lifted their price target on Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research note on Friday, June 14th. Melius Research reissued a “hold” rating and issued a $510.00 price target on shares of Adobe in a report on Monday, June 10th. Finally, Wells Fargo & Company boosted their target price on shares of Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $601.38.

Adobe Stock Up 0.2 %

Adobe stock traded up $1.14 during midday trading on Monday, reaching $559.44. The company’s stock had a trading volume of 1,386,831 shares, compared to its average volume of 3,239,304. The company has a market cap of $248.06 billion, a P/E ratio of 50.26, a P/E/G 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. The business has a 50-day simple moving average of $546.89 and a 200-day simple moving average of $519.69. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate 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 last year, the company earned $3.04 EPS. The business’s quarterly revenue was up 10.2% on a year-over-year basis. On average, research analysts expect that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

About Adobe

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.