MML Investors Services LLC grew its position in Adobe Inc (NASDAQ:ADBE) by 6.2% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 43,578 shares of the software company’s stock after buying an additional 2,555 shares during the period. MML Investors Services LLC’s holdings in Adobe were worth $12,840,000 at the end of the most recent quarter.
Several other hedge funds have also recently made changes to their positions in ADBE. RDA Financial Network grew its position in shares of Adobe by 9.4% in the 2nd quarter. RDA Financial Network now owns 3,899 shares of the software company’s stock valued at $1,181,000 after acquiring an additional 334 shares during the period. Cedar Capital LLC raised its position in shares of Adobe by 43.9% in the second quarter. Cedar Capital LLC now owns 9,273 shares of the software company’s stock valued at $2,732,000 after purchasing an additional 2,829 shares during the period. Sawtooth Solutions LLC lifted its stake in shares of Adobe by 41.6% during the 1st quarter. Sawtooth Solutions LLC now owns 5,957 shares of the software company’s stock worth $1,587,000 after buying an additional 1,751 shares during the last quarter. Carillon Tower Advisers Inc. lifted its stake in shares of Adobe by 19.3% during the 1st quarter. Carillon Tower Advisers Inc. now owns 46,400 shares of the software company’s stock worth $12,365,000 after buying an additional 7,500 shares during the last quarter. Finally, Cetera Advisors LLC boosted its holdings in shares of Adobe by 32.3% during the 2nd quarter. Cetera Advisors LLC now owns 3,185 shares of the software company’s stock worth $940,000 after buying an additional 778 shares during the period. 86.53% of the stock is owned by institutional investors.
Shares of NASDAQ ADBE traded up $1.73 during midday trading on Wednesday, reaching $277.87. 140,283 shares of the stock were exchanged, compared to its average volume of 2,066,272. The stock has a market capitalization of $134.05 billion, a P/E ratio of 50.06, a PEG ratio of 2.54 and a beta of 1.11. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.70 and a current ratio of 0.70. The company has a 50 day simple moving average of $290.84 and a 200 day simple moving average of $281.01. Adobe Inc has a twelve month low of $204.95 and a twelve month high of $313.11.
Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Tuesday, June 18th. The software company reported $1.83 EPS for the quarter, beating analysts’ consensus estimates of $1.78 by $0.05. The firm had revenue of $2.74 billion for the quarter, compared to analysts’ expectations of $2.70 billion. Adobe had a return on equity of 29.96% and a net margin of 26.25%. The firm’s quarterly revenue was up 25.0% on a year-over-year basis. During the same period in the prior year, the firm posted $1.66 earnings per share. On average, research analysts expect that Adobe Inc will post 6.3 earnings per share for the current year.
In related news, Director Charles M. Geschke sold 13,795 shares of Adobe stock in a transaction that occurred on Wednesday, June 26th. The shares were sold at an average price of $289.96, for a total value of $3,999,998.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Ann Lewnes sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $289.32, for a total value of $867,960.00. Following the completion of the sale, the executive vice president now directly owns 55,198 shares in the company, valued at approximately $15,969,885.36. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,627 shares of company stock valued at $8,697,224. Company insiders own 0.32% of the company’s stock.
A number of brokerages recently commented on ADBE. BidaskClub lowered shares of Adobe from a “hold” rating to a “sell” rating in a research note on Wednesday. Wells Fargo & Co reissued a “hold” rating and set a $275.00 price target (up from $250.00) on shares of Adobe in a report on Wednesday, June 19th. Stephens set a $327.00 price target on Adobe and gave the company a “buy” rating in a research note on Tuesday, September 3rd. KeyCorp reaffirmed a “hold” rating on shares of Adobe in a report on Wednesday, June 19th. Finally, Bank of America increased their price objective on Adobe from $312.00 to $323.00 and gave the stock a “buy” rating in a research report on Wednesday, June 19th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eighteen have issued a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $301.69.
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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