Perigon Wealth Management LLC increased its position in shares of Adobe Inc (NASDAQ:ADBE) by 6.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 1,370 shares of the software company’s stock after buying an additional 77 shares during the quarter. Perigon Wealth Management LLC’s holdings in Adobe were worth $596,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. BlackRock Inc. raised its stake in Adobe by 6.5% during the first quarter. BlackRock Inc. now owns 36,445,773 shares of the software company’s stock worth $11,598,502,000 after acquiring an additional 2,219,627 shares in the last quarter. Jennison Associates LLC boosted its position in Adobe by 1.3% in the first quarter. Jennison Associates LLC now owns 7,486,574 shares of the software company’s stock valued at $2,382,527,000 after buying an additional 98,908 shares in the last quarter. Geode Capital Management LLC grew its stake in Adobe by 6.6% during the first quarter. Geode Capital Management LLC now owns 7,324,999 shares of the software company’s stock worth $2,326,855,000 after buying an additional 452,565 shares during the last quarter. Polen Capital Management LLC increased its holdings in shares of Adobe by 3.6% during the first quarter. Polen Capital Management LLC now owns 5,134,597 shares of the software company’s stock worth $1,634,034,000 after buying an additional 180,710 shares in the last quarter. Finally, Fisher Asset Management LLC raised its stake in shares of Adobe by 24.3% in the first quarter. Fisher Asset Management LLC now owns 5,131,883 shares of the software company’s stock valued at $1,633,171,000 after acquiring an additional 1,003,724 shares during the last quarter. Hedge funds and other institutional investors own 84.20% of the company’s stock.
ADBE has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. raised their price target on Adobe from $325.00 to $430.00 and gave the company an “overweight” rating in a report on Friday, June 12th. Barclays reiterated a “buy” rating and set a $450.00 price target on shares of Adobe in a research report on Wednesday, June 10th. UBS Group increased their price objective on shares of Adobe from $344.00 to $450.00 and gave the stock a “buy” rating in a report on Monday, June 8th. Robert W. Baird boosted their target price on shares of Adobe from $345.00 to $460.00 and gave the stock an “outperform” rating in a research note on Friday, June 12th. Finally, Griffin Securities increased their price target on shares of Adobe from $334.00 to $427.00 and gave the company a “buy” rating in a research note on Friday, June 12th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $407.43.
Shares of NASDAQ:ADBE opened at $444.32 on Friday. Adobe Inc has a 1 year low of $255.13 and a 1 year high of $470.61. The company has a market capitalization of $213.13 billion, a PE ratio of 58.62, a price-to-earnings-growth ratio of 3.41 and a beta of 0.93. The business has a fifty day moving average price of $434.17 and a two-hundred day moving average price of $370.59. The company has a debt-to-equity ratio of 0.38, a current ratio of 1.29 and a quick ratio of 1.29.
Adobe (NASDAQ:ADBE) last issued 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. Adobe had a net margin of 30.72% and a return on equity of 35.53%. The company had revenue of $3.13 billion for the quarter, compared to the consensus estimate of $3.16 billion. During the same period in the previous year, the firm earned $1.83 EPS. The firm’s quarterly revenue was up 14.1% on a year-over-year basis. Sell-side analysts anticipate that Adobe Inc will post 8.05 earnings per share for the current year.
In other news, EVP Gloria Chen sold 497 shares of the stock in a transaction on Wednesday, July 8th. The stock was sold at an average price of $453.76, for a total transaction of $225,518.72. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Bryan Lamkin sold 13,094 shares of Adobe stock in a transaction dated Friday, July 24th. The stock was sold at an average price of $427.66, for a total value of $5,599,780.04. The disclosure for this sale can be found here. Insiders have sold a total of 73,316 shares of company stock valued at $31,271,310 over the last three months. Insiders own 0.31% of the company’s stock.
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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