LRI Investments LLC Buys 2,152 Shares of Adobe Inc. (NASDAQ:ADBE)

LRI Investments LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 572.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 2,528 shares of the software company’s stock after purchasing an additional 2,152 shares during the quarter. LRI Investments LLC’s holdings in Adobe were worth $1,404,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Norges Bank bought a new position in shares of Adobe in the fourth quarter valued at approximately $3,277,785,000. Wellington Management Group LLP boosted its holdings in Adobe by 1,213.5% in the 4th quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after purchasing an additional 1,870,307 shares during the period. Swedbank AB purchased a new position in shares of Adobe during the 1st quarter valued at $621,179,000. Price T Rowe Associates Inc. MD increased its holdings in shares of Adobe by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after purchasing an additional 1,146,718 shares during the period. Finally, BlueSpruce Investments LP increased its holdings in shares of Adobe by 81.1% in the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock worth $648,712,000 after purchasing an additional 575,675 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Adobe Trading Up 0.2 %

Shares of ADBE traded up $0.86 during mid-day trading on Friday, hitting $558.30. 2,023,465 shares of the company’s stock traded hands, compared to its average volume of 3,250,660. The business’s 50-day moving average price is $546.08 and its 200-day moving average price is $521.35. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The firm has a market capitalization of $247.55 billion, a P/E ratio of 50.16, a PEG ratio of 2.85 and a beta of 1.30. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28.

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

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,501,989. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,501,989. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the sale, the chief accounting officer now directly owns 2,740 shares in the company, valued at $1,439,897.40. The disclosure for this sale can be found here. Insiders sold 27,523 shares of company stock worth $14,994,277 over the last three months. Company insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the subject of several recent analyst reports. Sanford C. Bernstein boosted their target price on Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a research report on Monday, June 17th. KeyCorp upped their price objective on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research report on Friday, June 14th. Robert W. Baird lifted their target price on shares of Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a research report on Friday, June 14th. StockNews.com cut shares of Adobe from a “buy” rating to a “hold” rating in a research note on Friday. Finally, TD Cowen lowered their price objective on shares of Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research report on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $601.38.

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.