Financial Advocates Investment Management Has $660,000 Stake in Adobe Inc. (NASDAQ:ADBE)

Financial Advocates Investment Management boosted its stake in Adobe Inc. (NASDAQ:ADBEGet Rating) by 104.5% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,804 shares of the software company’s stock after buying an additional 922 shares during the quarter. Financial Advocates Investment Management’s holdings in Adobe were worth $660,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. Mechanics Financial Corp raised its position in Adobe by 0.9% in the 2nd quarter. Mechanics Financial Corp now owns 2,720 shares of the software company’s stock valued at $996,000 after purchasing an additional 25 shares during the last quarter. Parcion Private Wealth LLC raised its position in Adobe by 3.4% in the 1st quarter. Parcion Private Wealth LLC now owns 800 shares of the software company’s stock valued at $357,000 after purchasing an additional 26 shares during the last quarter. Bahl & Gaynor Inc. raised its position in Adobe by 4.5% in the 1st quarter. Bahl & Gaynor Inc. now owns 609 shares of the software company’s stock valued at $277,000 after purchasing an additional 26 shares during the last quarter. Lederer & Associates Investment Counsel CA raised its position in Adobe by 0.6% in the 1st quarter. Lederer & Associates Investment Counsel CA now owns 4,384 shares of the software company’s stock valued at $1,997,000 after purchasing an additional 27 shares during the last quarter. Finally, Dorsey & Whitney Trust CO LLC raised its position in Adobe by 0.5% in the 2nd quarter. Dorsey & Whitney Trust CO LLC now owns 5,018 shares of the software company’s stock valued at $1,835,000 after purchasing an additional 27 shares during the last quarter. Institutional investors and hedge funds own 80.75% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several research analyst reports. Credit Suisse Group cut their price objective on Adobe from $350.00 to $325.00 and set a “neutral” rating for the company in a research report on Wednesday, October 19th. Citigroup boosted their target price on Adobe from $380.00 to $388.00 and gave the stock a “neutral” rating in a research report on Thursday, September 15th. Oppenheimer downgraded Adobe from an “outperform” rating to a “market perform” rating in a research report on Thursday, September 15th. Jefferies Financial Group dropped their target price on Adobe from $440.00 to $420.00 and set a “buy” rating for the company in a research report on Wednesday, October 19th. Finally, Robert W. Baird downgraded Adobe from an “outperform” rating to a “neutral” rating and dropped their target price for the stock from $450.00 to $355.00 in a research report on Friday, September 16th. Seventeen research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $405.42.

Adobe Price Performance

NASDAQ:ADBE opened at $335.78 on Thursday. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.25. The stock’s 50 day moving average price is $304.87 and its two-hundred day moving average price is $364.78. The firm has a market capitalization of $156.10 billion, a price-to-earnings ratio of 33.11, a P/E/G ratio of 2.33 and a beta of 1.26. Adobe Inc. has a 12-month low of $274.73 and a 12-month high of $694.89.

Adobe (NASDAQ:ADBEGet Rating) last released its quarterly earnings data on Thursday, September 15th. The software company reported $2.63 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.65 by ($0.02). The business had revenue of $4.43 billion during the quarter, compared to the consensus estimate of $4.44 billion. Adobe had a net margin of 28.00% and a return on equity of 36.49%. Adobe’s quarterly revenue was up 12.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.65 EPS. On average, analysts anticipate that Adobe Inc. will post 11.11 earnings per share for the current year.

Insider Buying and Selling at Adobe

In other news, Director John E. Warnock sold 17,000 shares of the stock in a transaction that occurred on Tuesday, October 25th. The stock was sold at an average price of $319.60, for a total transaction of $5,433,200.00. Following the transaction, the director now owns 383,465 shares in the company, valued at $122,555,414. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CAO Mark S. Garfield sold 132 shares of the stock in a transaction that occurred on Monday, September 19th. The stock was sold at an average price of $294.54, for a total transaction of $38,879.28. Following the transaction, the chief accounting officer now owns 2,596 shares in the company, valued at $764,625.84. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John E. Warnock sold 17,000 shares of the stock in a transaction that occurred on Tuesday, October 25th. The stock was sold at an average price of $319.60, for a total value of $5,433,200.00. Following the transaction, the director now owns 383,465 shares in the company, valued at approximately $122,555,414. The disclosure for this sale can be found here. Insiders have sold 24,543 shares of company stock worth $7,690,103 over the last 90 days. Company insiders own 0.23% of the company’s stock.

About Adobe

(Get Rating)

Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

See Also

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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