UNIVEST FINANCIAL Corp Has $636,000 Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

UNIVEST FINANCIAL Corp boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 75.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,144 shares of the software company’s stock after buying an additional 492 shares during the period. UNIVEST FINANCIAL Corp’s holdings in Adobe were worth $636,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the business. Sound View Wealth Advisors Group LLC increased its position in Adobe by 2.5% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 696 shares of the software company’s stock worth $415,000 after buying an additional 17 shares during the last quarter. Wade G W & Inc. raised its position in shares of Adobe by 0.5% in the fourth quarter. Wade G W & Inc. now owns 3,712 shares of the software company’s stock valued at $2,215,000 after purchasing an additional 18 shares during the period. Invst LLC grew its stake in Adobe by 2.1% in the 4th quarter. Invst LLC now owns 934 shares of the software company’s stock valued at $567,000 after buying an additional 19 shares during the last quarter. Onyx Bridge Wealth Group LLC raised its holdings in Adobe by 3.9% in the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after acquiring an additional 19 shares during the period. Finally, HTLF Bank lifted its position in Adobe by 3.3% during the 2nd quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after acquiring an additional 19 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Barclays lifted their price objective on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday. Mizuho reiterated a “buy” rating and set a $640.00 price target (down from $680.00) on shares of Adobe in a report on Friday, June 7th. BMO Capital Markets boosted their target price on shares of Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research report on Friday, June 14th. Piper Sandler reduced their price target on shares of Adobe from $700.00 to $635.00 and set an “overweight” rating for the company in a report on Friday, July 12th. Finally, Oppenheimer boosted their price objective on shares of Adobe from $580.00 to $625.00 and gave the stock an “outperform” rating in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and an average target price of $605.52.

Adobe Stock Down 0.8 %

Shares of NASDAQ ADBE opened at $563.41 on Friday. 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 quick ratio of 1.16 and a current ratio of 1.16. The stock has a market cap of $249.82 billion, a P/E ratio of 50.62, a P/E/G ratio of 3.00 and a beta of 1.30. The firm has a 50 day moving average price of $553.72 and a 200 day moving average price of $519.38.

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

Insiders Place Their Bets

In other news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the transaction, the chief accounting officer now owns 2,740 shares in the company, valued at approximately $1,439,897.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction on 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 151 shares of the stock in a transaction dated 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 disclosure for this sale can be found here. Insiders sold 27,523 shares of company stock worth $14,994,277 over the last ninety days. 0.15% of the stock is currently owned by corporate insiders.

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.