Fairfield Financial Advisors LTD Takes $165,000 Position in Adobe Inc. (NASDAQ:ADBE)

Fairfield Financial Advisors LTD bought a new position in Adobe Inc. (NASDAQ:ADBE) in the second quarter, according to the company in its most recent 13F filing with the SEC. The fund bought 297 shares of the software company’s stock, valued at approximately $165,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Brown Brothers Harriman & Co. boosted its stake in shares of Adobe by 21.3% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 445,458 shares of the software company’s stock valued at $247,470,000 after purchasing an additional 78,080 shares in the last quarter. Redwood Wealth Management Group LLC lifted its stake in Adobe by 3.0% in the second quarter. Redwood Wealth Management Group LLC now owns 795 shares of the software company’s stock worth $442,000 after purchasing an additional 23 shares during the last quarter. Rathbones Group PLC boosted its position in Adobe by 21.9% during the second quarter. Rathbones Group PLC now owns 527,064 shares of the software company’s stock valued at $292,805,000 after buying an additional 94,745 shares during the period. CBIZ Investment Advisory Services LLC bought a new position in shares of Adobe during the second quarter valued at about $293,000. Finally, Kennon Green & Company LLC increased its holdings in shares of Adobe by 23.3% in the second quarter. Kennon Green & Company LLC now owns 4,145 shares of the software company’s stock worth $2,303,000 after buying an additional 782 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have commented on ADBE shares. Barclays lifted their price target on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Stifel Nicolaus raised their target price on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. UBS Group lowered their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday. 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, Melius cut shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective on the stock. in a research report on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $606.58.

Insider Activity

In related news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at approximately $206,576,802.60. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the transaction, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 481 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 $258,297.00. Following the sale, the executive vice president now directly owns 19,658 shares in the company, valued at $10,556,346. The disclosure for this sale can be found here. Insiders have sold a total of 27,259 shares of company stock worth $14,855,543 over the last 90 days. 0.15% of the stock is currently owned by insiders.

Adobe Stock Down 8.5 %

Shares of NASDAQ:ADBE opened at $536.87 on Monday. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock has a fifty day simple moving average of $553.76 and a two-hundred day simple moving average of $519.73. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The stock has a market capitalization of $238.05 billion, a price-to-earnings ratio of 48.24, a PEG ratio of 3.03 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the previous year, the firm earned $3.26 EPS. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, research analysts anticipate that Adobe Inc. will post 14.69 earnings per share 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.