FinTrust Capital Advisors LLC Boosts Stake in Adobe Inc (NASDAQ:ADBE)

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FinTrust Capital Advisors LLC lifted its holdings in Adobe Inc (NASDAQ:ADBE) by 115.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,106 shares of the software company’s stock after purchasing an additional 592 shares during the quarter. FinTrust Capital Advisors LLC’s holdings in Adobe were worth $481,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of ADBE. Lloyd Advisory Services LLC. raised its stake in shares of Adobe by 256.5% in the first quarter. Lloyd Advisory Services LLC. now owns 82 shares of the software company’s stock worth $26,000 after purchasing an additional 59 shares during the last quarter. Evolution Wealth Advisors LLC purchased a new stake in Adobe during the second quarter valued at $30,000. Harvest Group Wealth Management LLC purchased a new stake in Adobe during the second quarter valued at $30,000. Cedar Mountain Advisors LLC increased its position in 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 acquiring an additional 34 shares during the last quarter. Finally, Rockbridge Investment Management LCC purchased a new stake in Adobe during the second quarter valued at $36,000. Hedge funds and other institutional investors own 84.03% of the company’s stock.

ADBE has been the subject of a number of research reports. BofA Securities upped their price objective on Adobe from $440.00 to $570.00 and gave the company a “buy” rating in a research report on Wednesday. Cowen upgraded Adobe from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $400.00 to $555.00 in a research report on Friday, September 11th. Piper Sandler upped their price objective on Adobe from $430.00 to $570.00 and gave the company an “overweight” rating in a research report on Wednesday. Sanford C. Bernstein reiterated a “buy” rating and set a $562.00 price objective on shares of Adobe in a research report on Wednesday. Finally, JPMorgan Chase & Co. restated a “buy” rating and issued a $550.00 price target (up previously from $430.00) on shares of Adobe in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $486.42.

In other news, EVP Scott Belsky sold 600 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $492.02, for a total value of $295,212.00. Following the completion of the sale, the executive vice president now directly owns 10,853 shares of the company’s stock, valued at approximately $5,339,893.06. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CMO Ann Lewnes sold 5,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 1st. The shares were sold at an average price of $436.08, for a total value of $2,180,400.00. Following the completion of the sale, the chief marketing officer now directly owns 44,874 shares of the company’s stock, valued at $19,568,653.92. The disclosure for this sale can be found here. Over the last three months, insiders have sold 87,983 shares of company stock valued at $39,560,726. 0.31% of the stock is owned by corporate insiders.

Adobe stock traded down $21.67 during midday trading on Wednesday, reaching $476.00. 8,419,304 shares of the stock traded hands, compared to its average volume of 3,275,031. The stock’s fifty day moving average is $470.05 and its 200-day moving average is $395.83. Adobe Inc has a 12 month low of $255.13 and a 12 month high of $536.88. The stock has a market cap of $228.32 billion, a P/E ratio of 63.74, a PEG ratio of 3.77 and a beta of 0.94. The company has a quick ratio of 1.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.38.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Tuesday, September 15th. The software company reported $2.57 EPS for the quarter, beating analysts’ consensus estimates of $2.41 by $0.16. Adobe had a return on equity of 35.53% and a net margin of 30.72%. The company had revenue of $3.23 billion during the quarter, compared to analyst estimates of $3.16 billion. During the same period in the prior year, the company earned $2.05 earnings per share. The firm’s revenue was up 14.0% on a year-over-year basis. On average, equities analysts predict that Adobe Inc will post 8.05 EPS for the current fiscal year.

About Adobe

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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