Greenwood Gearhart Inc. Buys 610 Shares of Adobe Inc. (NASDAQ:ADBE)

Greenwood Gearhart Inc. raised its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 3.5% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 18,138 shares of the software company’s stock after buying an additional 610 shares during the quarter. Greenwood Gearhart Inc.’s holdings in Adobe were worth $10,076,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Sound View Wealth Advisors Group LLC boosted its stake in Adobe by 2.5% in the 4th quarter. Sound View Wealth Advisors Group LLC now owns 696 shares of the software company’s stock worth $415,000 after purchasing an additional 17 shares in the last quarter. Wade G W & Inc. lifted its stake 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 worth $2,215,000 after buying an additional 18 shares in the last quarter. Onyx Bridge Wealth Group LLC grew its holdings in shares of Adobe by 3.9% during the second quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after buying an additional 19 shares during the last quarter. HTLF Bank increased its position in shares of Adobe by 3.3% during the second quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after acquiring an additional 19 shares in the last quarter. Finally, Visionary Wealth Advisors raised its holdings in Adobe by 1.0% in the 4th quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock worth $1,171,000 after acquiring an additional 20 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Stock Performance

ADBE opened at $574.48 on Wednesday. The company has a 50 day simple moving average of $554.06 and a two-hundred day simple moving average of $519.46. 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 firm has a market cap of $254.72 billion, a P/E ratio of 51.62, a PEG ratio of 2.94 and a beta of 1.29. Adobe Inc. has a 1-year low of $433.97 and a 1-year 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. The company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. Adobe’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.04 EPS. Equities analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Analysts Set New Price Targets

ADBE has been the subject of a number of research analyst reports. BMO Capital Markets lifted their target price on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a report on Friday, June 14th. Citigroup reduced their price objective on Adobe from $554.00 to $529.00 and set a “neutral” rating for the company in a report on Monday, June 10th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Friday, June 14th. Stifel Nicolaus raised their price target on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, September 6th. Finally, StockNews.com cut shares of Adobe from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average target price of $605.52.

Insider Buying and Selling

In related news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $258,297.00. Following the transaction, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. The transaction 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 Adobe stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the sale, the executive vice president now directly owns 19,658 shares in the company, valued at approximately $10,556,346. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 264 shares of the stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the transaction, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,523 shares of company stock worth $14,994,277. 0.15% of the stock is 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.