Focus Financial Network Inc. Grows Holdings in Adobe Inc. (NASDAQ:ADBE)

Focus Financial Network Inc. increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 10.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,249 shares of the software company’s stock after buying an additional 306 shares during the period. Focus Financial Network Inc.’s holdings in Adobe were worth $1,829,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Tradewinds Capital Management LLC grew its holdings 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 in the last quarter. Salomon & Ludwin LLC boosted its holdings in shares of 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 period. Wetzel Investment Advisors Inc. acquired a new position in shares of Adobe in the 4th quarter valued at about $35,000. Steph & Co. boosted its holdings in shares of Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares during the period. Finally, Lynx Investment Advisory acquired a new position in Adobe during the 2nd quarter valued at about $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,523 shares of company stock valued at $14,994,277. Insiders own 0.15% of the company’s stock.

Adobe Stock Down 0.3 %

Shares of NASDAQ ADBE traded down $1.57 during mid-day trading on Wednesday, reaching $560.68. The company had a trading volume of 374,707 shares, compared to its average volume of 3,261,996. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The company has a market capitalization of $248.61 billion, a price-to-earnings ratio of 50.46, a PEG ratio of 2.85 and a beta of 1.30. The stock has a fifty day moving average of $541.33 and a two-hundred day moving average of $521.29. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25.

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

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of analyst reports. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Friday, June 14th. Stifel Nicolaus reduced their target price on shares of Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a research note on Friday, June 7th. Barclays boosted their price target on shares of Adobe from $630.00 to $650.00 and gave the stock an “overweight” rating in a research report on Friday, June 14th. Royal Bank of Canada restated an “outperform” rating and set a $600.00 price target on shares of Adobe in a research report on Thursday, August 1st. Finally, Mizuho restated a “buy” rating and set a $640.00 price target (down from $680.00) on shares of Adobe in a research report on Friday, June 7th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $601.38.

About Adobe

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.