Elevated Capital Advisors LLC bought a new position in Adobe Inc (NASDAQ:ADBE) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,498 shares of the software company’s stock, valued at approximately $1,333,000.
Several other large investors have also made changes to their positions in ADBE. Lloyd Advisory Services LLC. lifted its holdings in shares of Adobe by 256.5% during the first quarter. Lloyd Advisory Services LLC. now owns 82 shares of the software company’s stock valued at $26,000 after purchasing an additional 59 shares in the last quarter. Evolution Wealth Advisors LLC bought a new position in shares of Adobe during the second quarter valued at $30,000. Harvest Group Wealth Management LLC bought a new position in shares of Adobe during the second quarter valued at $30,000. Cedar Mountain Advisors LLC lifted its holdings in shares of Adobe by 81.0% during the second quarter. Cedar Mountain Advisors LLC now owns 76 shares of the software company’s stock valued at $33,000 after purchasing an additional 34 shares in the last quarter. Finally, Rockbridge Investment Management LCC bought a new position in shares of Adobe during the second quarter valued at $36,000. 84.03% of the stock is currently owned by hedge funds and other institutional investors.
ADBE has been the topic of a number of research analyst reports. Credit Suisse Group set a $560.00 price target on Adobe and gave the company an “outperform” rating in a report on Wednesday. Sanford C. Bernstein reissued a “buy” rating and issued a $562.00 target price on shares of Adobe in a report on Wednesday. Wells Fargo & Company increased their target price on Adobe from $375.00 to $500.00 and gave the company an “equal weight” rating in a report on Wednesday. Barclays increased their target price on Adobe from $530.00 to $600.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, JPMorgan Chase & Co. reissued a “buy” rating and issued a $550.00 target price (up previously from $430.00) on shares of Adobe in a report on Wednesday. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-four have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $486.42.
Adobe (NASDAQ:ADBE) last released its earnings results on Tuesday, September 15th. The software company reported $2.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.41 by $0.16. The firm had revenue of $3.23 billion during the quarter, compared to analysts’ expectations of $3.16 billion. Adobe had a return on equity of 35.53% and a net margin of 30.72%. The firm’s revenue was up 14.0% on a year-over-year basis. During the same quarter last year, the business posted $2.05 earnings per share. On average, sell-side analysts anticipate that Adobe Inc will post 8.05 EPS for the current fiscal year.
In other Adobe news, CEO Shantanu Narayen sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 15th. The stock was sold at an average price of $432.68, for a total transaction of $4,326,800.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Scott Belsky sold 600 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $492.02, for a total value of $295,212.00. Following the transaction, the executive vice president now owns 10,853 shares of the company’s stock, valued at approximately $5,339,893.06. The disclosure for this sale can be found here. Insiders have sold a total of 87,983 shares of company stock valued at $39,560,726 in the last 90 days. 0.31% of the stock is currently owned by company 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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