Financial Alternatives Inc Buys New Stake in Adobe Inc. (NASDAQ:ADBE)

Financial Alternatives Inc purchased a new position in Adobe Inc. (NASDAQ:ADBE) during the 2nd quarter, according to its most recent 13F filing with the SEC. The firm purchased 865 shares of the software company’s stock, valued at approximately $481,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Tradewinds Capital Management LLC grew its position in Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after purchasing an additional 40 shares during the last quarter. Salomon & Ludwin LLC lifted its holdings in shares of Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after acquiring an additional 45 shares during the period. Summit Securities Group LLC bought a new position in shares of Adobe during the 2nd quarter worth about $33,000. Steph & Co. lifted its holdings in shares of Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after acquiring an additional 30 shares during the period. Finally, Lynx Investment Advisory bought a new position in shares of Adobe during the 2nd quarter worth about $39,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $570.00 to $580.00 in a report on Friday, June 14th. Oppenheimer raised 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, September 4th. Mizuho reaffirmed a “buy” rating and set a $640.00 price objective (down from $680.00) on shares of Adobe in a report on Friday, June 7th. Robert W. Baird lifted their price target on shares of Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a report on Friday, June 14th. Finally, Piper Sandler cut 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. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and nineteen have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $606.86.

Adobe Stock Up 1.0 %

Shares of NASDAQ:ADBE opened at $580.38 on Thursday. The company has a 50 day moving average price of $554.26 and a two-hundred day moving average price of $519.89. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a market capitalization of $257.34 billion, a PE ratio of 52.15, a PEG ratio of 2.94 and a beta of 1.29.

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

Insider Transactions at Adobe

In related news, 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 transaction of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CAO Mark S. Garfield sold 264 shares of the 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction of $52,089.00. Following the completion of 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 sold 27,523 shares of company stock valued at $14,994,277 over the last quarter. Corporate insiders own 0.15% of the company’s stock.

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.