Adobe Inc. (NASDAQ:ADBE) Shares Bought by Legacy Advisors LLC

Legacy Advisors LLC lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 8.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,551 shares of the software company’s stock after purchasing an additional 121 shares during the period. Legacy Advisors LLC’s holdings in Adobe were worth $862,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Barlow Wealth Partners Inc. acquired a new position in Adobe during the 4th quarter worth $16,700,000. Vise Technologies Inc. grew its stake 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 purchasing an additional 5,654 shares in the last quarter. 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. International Assets Investment Management LLC raised its stake in 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 buying an additional 398 shares in the last quarter. Finally, Choreo LLC lifted its holdings in Adobe by 4.7% during the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock worth $2,236,000 after buying an additional 197 shares during the last quarter. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Piper Sandler lowered their price target on Adobe from $700.00 to $635.00 and set an “overweight” rating for the company in a report on Friday, July 12th. BMO Capital Markets boosted their target price on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research note on Friday, June 14th. StockNews.com downgraded shares of Adobe from a “buy” rating to a “hold” rating in a research report on Friday, August 23rd. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Friday, June 14th. Finally, Oppenheimer reiterated an “outperform” rating and set a $580.00 price objective on shares of Adobe 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 company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $601.38.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the sale, the chief accounting officer now directly 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 available through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction that occurred on Tuesday, July 16th. The shares were 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 in the company, valued at $1,579,186.20. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Mark S. Garfield sold 97 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 $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The disclosure for this sale can be found here. Insiders have sold a total of 27,523 shares of company stock valued at $14,994,277 over the last three months. Company insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of Adobe stock traded up $4.78 on Friday, hitting $574.41. The company had a trading volume of 1,982,970 shares, compared to its average volume of 3,201,657. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The company has a market cap of $254.69 billion, a PE ratio of 51.61, a PEG ratio of 2.85 and a beta of 1.30. The business has a 50-day simple moving average of $550.32 and a 200-day simple moving average of $519.64.

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

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.