Waldron Private Wealth LLC Has $1.31 Million Stake in Adobe Inc (NASDAQ:ADBE)

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Waldron Private Wealth LLC trimmed its stake in Adobe Inc (NASDAQ:ADBE) by 8.8% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,448 shares of the software company’s stock after selling 430 shares during the period. Waldron Private Wealth LLC’s holdings in Adobe were worth $1,310,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Marquette Asset Management LLC grew its holdings in Adobe by 114.3% during the 2nd quarter. Marquette Asset Management LLC now owns 90 shares of the software company’s stock worth $27,000 after acquiring an additional 48 shares during the period. JNBA Financial Advisors grew its holdings in Adobe by 666.7% during the 2nd quarter. JNBA Financial Advisors now owns 92 shares of the software company’s stock worth $27,000 after acquiring an additional 80 shares during the period. Manchester Financial Inc. acquired a new stake in Adobe during the 2nd quarter worth about $28,000. Buffington Mohr McNeal acquired a new stake in Adobe during the 1st quarter worth about $26,000. Finally, Ellis Investment Partners LLC acquired a new stake in Adobe during the 2nd quarter worth about $30,000. Institutional investors and hedge funds own 86.37% of the company’s stock.

Shares of Adobe stock traded up $5.49 during mid-day trading on Tuesday, hitting $294.14. 72,850 shares of the stock were exchanged, compared to its average volume of 2,205,951. The company has a quick ratio of 0.70, a current ratio of 0.70 and a debt-to-equity ratio of 0.10. The stock has a market capitalization of $143.12 billion, a P/E ratio of 53.02, a P/E/G ratio of 2.68 and a beta of 1.08. The firm’s 50-day moving average is $301.35. Adobe Inc has a 12 month low of $204.95 and a 12 month high of $313.11.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Tuesday, June 18th. The software company reported $1.83 EPS for the quarter, topping analysts’ consensus estimates of $1.78 by $0.05. The company had revenue of $2.74 billion for the quarter, compared to analysts’ expectations of $2.70 billion. Adobe had a net margin of 26.25% and a return on equity of 29.96%. Adobe’s revenue was up 25.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.66 EPS. On average, research analysts predict that Adobe Inc will post 6.3 EPS for the current fiscal year.

A number of analysts have weighed in on ADBE shares. Zacks Investment Research downgraded Adobe from a “buy” rating to a “hold” rating in a report on Wednesday, May 15th. KeyCorp restated a “hold” rating on shares of Adobe in a research note on Wednesday, June 19th. Wells Fargo & Co restated a “hold” rating and issued a $275.00 target price (up from $250.00) on shares of Adobe in a research note on Wednesday, June 19th. JPMorgan Chase & Co. raised their target price on Adobe from $284.00 to $329.00 and gave the company a “neutral” rating in a research note on Wednesday, June 19th. Finally, BMO Capital Markets raised their target price on Adobe from $300.00 to $315.00 and gave the company an “outperform” rating in a research note on Wednesday, June 19th. Nine investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $301.69.

In related news, EVP Dana Rao sold 2,832 shares of Adobe stock in a transaction that occurred on Tuesday, July 30th. The shares were sold at an average price of $303.36, for a total value of $859,115.52. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director John E. Warnock sold 4,000 shares of Adobe stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $296.94, for a total transaction of $1,187,760.00. Following the completion of the sale, the director now directly owns 16,088 shares in the company, valued at approximately $4,777,170.72. The disclosure for this sale can be found here. Insiders sold a total of 29,627 shares of company stock worth $8,638,724 in the last ninety days. 0.32% of the stock is currently owned by insiders.

Adobe Company Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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