Eagle Ridge Investment Management grew its position in Adobe Inc (NASDAQ:ADBE) by 24.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,634 shares of the software company’s stock after acquiring an additional 325 shares during the quarter. Eagle Ridge Investment Management’s holdings in Adobe were worth $481,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Wright Investors Service Inc. raised its stake in shares of Adobe by 108.2% in the second quarter. Wright Investors Service Inc. now owns 3,627 shares of the software company’s stock valued at $1,069,000 after acquiring an additional 1,885 shares during the period. Sigma Planning Corp increased its stake in Adobe by 15.8% in the 2nd quarter. Sigma Planning Corp now owns 13,480 shares of the software company’s stock worth $3,972,000 after buying an additional 1,838 shares during the period. Kavar Capital Partners LLC purchased a new position in Adobe in the 2nd quarter worth about $141,000. Stephens Inc. AR increased its stake in Adobe by 1.1% in the 2nd quarter. Stephens Inc. AR now owns 49,097 shares of the software company’s stock worth $14,466,000 after buying an additional 535 shares during the period. Finally, Hartford Financial Management Inc. increased its stake in Adobe by 119.8% in the 2nd quarter. Hartford Financial Management Inc. now owns 3,670 shares of the software company’s stock worth $1,081,000 after buying an additional 2,000 shares during the period. 86.37% of the stock is currently owned by institutional investors and hedge funds.
In other Adobe news, Director Charles M. Geschke sold 13,795 shares of Adobe stock in a transaction on Wednesday, June 26th. The shares were sold at an average price of $289.96, for a total transaction of $3,999,998.20. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Ann Lewnes sold 3,000 shares of Adobe stock in a transaction on Wednesday, June 19th. The stock was sold at an average price of $287.00, for a total transaction of $861,000.00. Following the sale, the executive vice president now directly owns 58,458 shares in the company, valued at approximately $16,777,446. The disclosure for this sale can be found here. In the last three months, insiders sold 26,627 shares of company stock valued at $7,829,264. 0.32% of the stock is owned by insiders.
ADBE traded down $0.36 during trading on Thursday, reaching $283.30. 60,838 shares of the company’s stock were exchanged, compared to its average volume of 2,226,893. Adobe Inc has a 1 year low of $204.95 and a 1 year high of $313.11. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.70 and a quick ratio of 0.70. The stock has a market capitalization of $140.12 billion, a PE ratio of 51.06, a P/E/G ratio of 2.62 and a beta of 1.08. The stock has a fifty day moving average of $301.06.
Adobe (NASDAQ:ADBE) last posted its earnings results on Tuesday, June 18th. The software company reported $1.83 earnings per share for the quarter, beating the consensus estimate of $1.78 by $0.05. The firm had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.70 billion. Adobe had a net margin of 26.25% and a return on equity of 29.96%. The business’s quarterly revenue was up 25.0% on a year-over-year basis. During the same period in the previous year, the firm earned $1.66 EPS. As a group, analysts predict that Adobe Inc will post 6.3 earnings per share for the current fiscal year.
ADBE has been the topic of several recent analyst reports. Barclays raised their price target on shares of Adobe from $304.00 to $330.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 19th. Wedbush raised their price target on shares of Adobe from $270.00 to $290.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 19th. Morgan Stanley raised shares of Adobe from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $282.00 to $340.00 in a research note on Monday, April 29th. Bank of America raised their price target on shares of Adobe from $312.00 to $323.00 and gave the stock a “buy” rating in a research note on Wednesday, June 19th. Finally, KeyCorp reaffirmed a “hold” rating on shares of Adobe in a research note on Wednesday, June 19th. Nine investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. Adobe has a consensus rating of “Buy” and an average price target of $301.69.
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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