Vision Capital Management Inc. Raises Stake in Adobe Inc. (NASDAQ:ADBE)

Vision Capital Management Inc. raised its holdings in Adobe Inc. (NASDAQ:ADBE) by 3.9% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 12,749 shares of the software company’s stock after purchasing an additional 483 shares during the quarter. Adobe comprises approximately 1.1% of Vision Capital Management Inc.’s portfolio, making the stock its 26th largest holding. Vision Capital Management Inc.’s holdings in Adobe were worth $7,083,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Tradewinds Capital Management LLC lifted its position in Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after acquiring an additional 40 shares during the period. Salomon & Ludwin LLC grew its position in Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after buying an additional 45 shares during the last quarter. Summit Securities Group LLC acquired a new position in Adobe in the 2nd quarter valued at $33,000. Steph & Co. raised its position in Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares during the last quarter. Finally, Lynx Investment Advisory acquired a new stake in shares of Adobe in the 2nd quarter worth $39,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on ADBE shares. StockNews.com cut shares of Adobe from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Melius downgraded Adobe from a “buy” rating to a “hold” rating and set a $510.00 target price for the company. in a research note on Monday, June 10th. TD Cowen decreased their price target on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research note on Monday, June 10th. Melius Research reaffirmed a “hold” rating and set a $510.00 price objective on shares of Adobe in a report on Monday, June 10th. Finally, Barclays raised their target price on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $605.52.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the sale, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the sale, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 27,523 shares of company stock valued at $14,994,277. Company insiders own 0.15% of the company’s stock.

Adobe Stock Up 1.1 %

Shares of NASDAQ:ADBE opened at $569.88 on Tuesday. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $252.68 billion, a P/E ratio of 51.20, a P/E/G ratio of 2.94 and a beta of 1.29. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The stock’s fifty day simple moving average is $553.92 and its 200-day simple moving average is $519.31.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. During the same quarter in the previous year, the company posted $3.04 EPS. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, equities research analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Adobe Profile

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.