Arkadios Wealth Advisors lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 25.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 170 shares of the software company’s stock after purchasing an additional 34 shares during the period. Arkadios Wealth Advisors’ holdings in Adobe were worth $85,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in ADBE. Copper Rock Capital Partners LLC grew its position in shares of Adobe by 6,598.7% during the 2nd quarter. Copper Rock Capital Partners LLC now owns 2,769,030 shares of the software company’s stock worth $1,024,851,000 after buying an additional 2,727,693 shares during the period. BlackRock Inc. boosted its stake in Adobe by 4.5% during the 2nd quarter. BlackRock Inc. now owns 38,069,522 shares of the software company’s stock worth $16,572,043,000 after acquiring an additional 1,623,749 shares during the last quarter. Nordea Investment Management AB grew its holdings in Adobe by 94.3% during the second quarter. Nordea Investment Management AB now owns 1,646,720 shares of the software company’s stock valued at $707,710,000 after purchasing an additional 799,163 shares during the period. California Public Employees Retirement System grew its holdings in Adobe by 70.4% during the second quarter. California Public Employees Retirement System now owns 1,853,168 shares of the software company’s stock valued at $806,703,000 after purchasing an additional 765,634 shares during the period. Finally, Softbank Group Corp bought a new stake in Adobe in the second quarter valued at approximately $248,565,000. 75.66% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have recently issued reports on ADBE. BidaskClub lowered shares of Adobe from a “buy” rating to a “hold” rating in a report on Wednesday, September 9th. Credit Suisse Group set a $560.00 target price on Adobe and gave the stock an “outperform” rating in a research note on Wednesday, September 16th. Cowen raised Adobe from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $400.00 to $555.00 in a research report on Friday, September 11th. Jefferies Financial Group lifted their target price on Adobe from $570.00 to $600.00 and gave the company a “buy” rating in a research report on Wednesday, September 16th. Finally, JPMorgan Chase & Co. reaffirmed a “buy” rating and set a $550.00 price target (up previously from $430.00) on shares of Adobe in a research report on Wednesday, September 16th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and twenty-three have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average price target of $504.86.
ADBE stock opened at $462.92 on Friday. Adobe Inc. has a fifty-two week low of $255.13 and a fifty-two week high of $536.88. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.44 and a quick ratio of 1.44. The stock has a market capitalization of $222.07 billion, a price-to-earnings ratio of 58.30, a PEG ratio of 2.95 and a beta of 1.02. The business’s fifty day moving average price is $481.29 and its two-hundred day moving average price is $446.81.
Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Tuesday, September 15th. The software company reported $2.57 EPS for the quarter, topping analysts’ consensus estimates of $2.41 by $0.16. The business had revenue of $3.23 billion for the quarter, compared to analyst estimates of $3.16 billion. Adobe had a net margin of 31.05% and a return on equity of 35.84%. Adobe’s revenue for the quarter was up 14.0% compared to the same quarter last year. During the same period last year, the firm earned $2.05 earnings per share. Research analysts expect that Adobe Inc. will post 8.23 EPS for the current year.
In related news, EVP Scott Belsky sold 600 shares of the firm’s stock in a transaction 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 transaction, the executive vice president now owns 10,853 shares in the company, valued at $5,339,893.06. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Bryan Lamkin sold 13,095 shares of the business’s stock in a transaction dated Monday, August 24th. The shares were sold at an average price of $477.15, for a total value of $6,248,279.25. Following the completion of the transaction, the executive vice president now directly owns 84,774 shares of the company’s stock, valued at approximately $40,449,914.10. The disclosure for this sale can be found here. Over the last quarter, insiders sold 29,376 shares of company stock valued at $14,200,546. 0.31% of the stock is owned by company insiders.
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, teams, 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.
Featured Article: The mechanics of the bid-ask spread in trading
Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.