Adobe Inc. (NASDAQ:ADBE) Shares Acquired by POM Investment Strategies LLC

POM Investment Strategies LLC raised its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 129.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 126 shares of the software company’s stock after purchasing an additional 71 shares during the quarter. POM Investment Strategies LLC’s holdings in Adobe were worth $70,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. Tradewinds Capital Management LLC increased its stake in shares of Adobe by 266.7% in the first 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% during the first 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. Steph & Co. lifted its holdings in Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares in the last quarter. Lynx Investment Advisory purchased a new position in Adobe during the second quarter valued at $39,000. Finally, Hobbs Group Advisors LLC purchased a new position in Adobe during the second quarter valued at $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction dated 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 directly owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,523 shares of company stock valued at $14,994,277. Insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the topic of several recent analyst reports. KeyCorp increased their price objective on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a report on Friday, June 14th. StockNews.com downgraded shares of Adobe from a “buy” rating to a “hold” rating in a research note on Friday. TD Cowen decreased their price target on shares of Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research note on Monday, June 10th. Wells Fargo & Company raised their price target on shares of Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. Finally, Melius downgraded shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target on the stock. in a research note on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $601.38.

Adobe Stock Up 0.2 %

Shares of NASDAQ:ADBE traded up $0.86 during trading on Friday, hitting $558.30. 2,023,465 shares of the company were exchanged, compared to its average volume of 3,250,660. The firm’s 50 day moving average price is $546.08 and its 200-day moving average price is $520.75. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The stock 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 debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 EPS 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 prior year, the firm earned $3.04 EPS. Adobe’s revenue for the quarter was up 10.2% on a year-over-year basis. On average, research analysts predict that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Adobe Company 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.