Adobe Inc (NASDAQ:ADBE) Shares Acquired by Engrave Wealth Partners LLC

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Engrave Wealth Partners LLC lifted its position in shares of Adobe Inc (NASDAQ:ADBE) by 18.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 299 shares of the software company’s stock after acquiring an additional 46 shares during the quarter. Engrave Wealth Partners LLC’s holdings in Adobe were worth $130,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Bluefin Trading LLC acquired a new position in Adobe during the fourth quarter worth about $4,223,000. LMR Partners LLP acquired a new position in Adobe during the fourth quarter worth about $6,034,000. Ancora Advisors LLC grew its position in Adobe by 60.2% during the fourth quarter. Ancora Advisors LLC now owns 2,597 shares of the software company’s stock worth $856,000 after buying an additional 976 shares during the period. Chemung Canal Trust Co. grew its position in Adobe by 4.2% during the first quarter. Chemung Canal Trust Co. now owns 26,100 shares of the software company’s stock worth $8,306,000 after buying an additional 1,042 shares during the period. Finally, Bamco Inc. NY grew its position in Adobe by 0.7% during the fourth quarter. Bamco Inc. NY now owns 31,555 shares of the software company’s stock worth $10,407,000 after buying an additional 224 shares during the period. Institutional investors and hedge funds own 84.20% of the company’s stock.

In other news, CMO Ann Lewnes sold 5,000 shares of the stock in a transaction on Friday, May 1st. The shares were sold at an average price of $348.26, for a total value of $1,741,300.00. Following the completion of the sale, the chief marketing officer now owns 54,874 shares of the company’s stock, valued at $19,110,419.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John E. Warnock sold 12,500 shares of the stock in a transaction on Tuesday, June 16th. The stock was sold at an average price of $410.75, for a total transaction of $5,134,375.00. Following the completion of the sale, the director now directly owns 18,882 shares of the company’s stock, valued at approximately $7,755,781.50. The disclosure for this sale can be found here. Insiders sold 31,222 shares of company stock valued at $12,455,378 in the last three months. Company insiders own 0.31% of the company’s stock.

ADBE has been the topic of several recent analyst reports. Cowen upped their target price on shares of Adobe from $365.00 to $400.00 and gave the stock a “market perform” rating in a research report on Friday, June 12th. Argus increased their price target on shares of Adobe from $368.00 to $474.00 and gave the company a “buy” rating in a research report on Monday, June 15th. JPMorgan Chase & Co. increased their price target on shares of Adobe from $325.00 to $430.00 and gave the company an “overweight” rating in a research report on Friday, June 12th. BMO Capital Markets increased their price target on shares of Adobe from $375.00 to $440.00 and gave the company an “outperform” rating in a research report on Friday, June 12th. Finally, Piper Sandler lowered their price target on shares of Adobe from $355.00 to $350.00 and set an “overweight” rating on the stock in a research report on Tuesday, March 31st. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $407.43.

NASDAQ:ADBE traded down $8.69 during trading hours on Tuesday, reaching $433.78. 5,662,658 shares of the company were exchanged, compared to its average volume of 3,392,703. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.29 and a quick ratio of 1.29. The firm has a market cap of $212.24 billion, a price-to-earnings ratio of 57.23, a PEG ratio of 3.62 and a beta of 0.93. Adobe Inc has a 52-week low of $255.13 and a 52-week high of $470.61. The stock has a 50 day simple moving average of $418.25 and a 200 day simple moving average of $361.83.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, June 11th. The software company reported $2.45 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.33 by $0.12. The company had revenue of $3.13 billion for the quarter, compared to the consensus estimate of $3.16 billion. Adobe had a net margin of 30.72% and a return on equity of 35.53%. Adobe’s revenue was up 14.1% on a year-over-year basis. During the same quarter last year, the firm posted $1.83 earnings per share. On average, analysts predict that Adobe Inc will post 8.05 EPS for the current fiscal year.

Adobe 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.

Further Reading: 52-week highs

Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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