Hohimer Wealth Management LLC Has $4.11 Million Stock Holdings in Adobe Inc (NASDAQ:ADBE)

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Hohimer Wealth Management LLC increased its holdings in shares of Adobe Inc (NASDAQ:ADBE) by 12.2% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 9,430 shares of the software company’s stock after purchasing an additional 1,029 shares during the period. Adobe makes up 1.4% of Hohimer Wealth Management LLC’s holdings, making the stock its 9th biggest holding. Hohimer Wealth Management LLC’s holdings in Adobe were worth $4,105,000 as of its most recent filing with the Securities & Exchange Commission.

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

In other news, Director John E. Warnock sold 12,500 shares of the firm’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $410.75, for a total value of $5,134,375.00. Following the transaction, the director now owns 18,882 shares in the company, valued at $7,755,781.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Gloria Chen sold 497 shares of the firm’s stock in a transaction that occurred on Wednesday, July 8th. The shares were sold at an average price of $453.76, for a total value of $225,518.72. The disclosure for this sale can be found here. Insiders sold 31,222 shares of company stock worth $12,455,378 in the last 90 days. Corporate insiders own 0.31% of the company’s stock.

Adobe stock traded down $8.69 during mid-day trading on Tuesday, reaching $433.78. The stock had a trading volume of 5,662,658 shares, compared to its average volume of 3,392,703. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.29 and a current ratio of 1.29. Adobe Inc has a fifty-two week low of $255.13 and a fifty-two week high of $470.61. The stock’s 50-day simple moving average is $418.25 and its 200-day simple moving average is $361.83. The firm has a market capitalization of $212.24 billion, a PE ratio of 57.23, a price-to-earnings-growth ratio of 3.62 and a beta of 0.93.

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

Several equities analysts have commented on the company. DZ Bank downgraded Adobe from a “buy” rating to a “hold” rating and set a $370.00 target price for the company. in a research report on Thursday, May 14th. Royal Bank of Canada increased their target price on Adobe from $325.00 to $440.00 and gave the company an “outperform” rating in a research report on Friday, June 12th. BidaskClub upgraded Adobe from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, June 17th. UBS Group increased their price target on Adobe from $344.00 to $450.00 and gave the company a “buy” rating in a research note on Monday, June 8th. Finally, Barclays reissued a “buy” rating and issued a $450.00 price target on shares of Adobe in a research note on Wednesday, June 10th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $407.43.

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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