AMI Asset Management Corp Has $49.03 Million Stock Position in Adobe Inc. (NASDAQ:ADBE)

AMI Asset Management Corp lowered its holdings in Adobe Inc. (NASDAQ:ADBE) by 1.8% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 88,256 shares of the software company’s stock after selling 1,640 shares during the period. Adobe accounts for 2.6% of AMI Asset Management Corp’s portfolio, making the stock its 19th largest position. AMI Asset Management Corp’s holdings in Adobe were worth $49,030,000 as of its most recent filing with the Securities & Exchange Commission.

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% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares during the last quarter. Salomon & Ludwin LLC grew its holdings in shares of Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares in the last quarter. Lynx Investment Advisory acquired a new stake in shares of Adobe during the 2nd quarter worth approximately $39,000. Hobbs Group Advisors LLC acquired a new stake in shares of Adobe during the 2nd quarter worth approximately $39,000. Finally, First Community Trust NA acquired a new stake in shares of Adobe during the 2nd quarter worth approximately $41,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

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

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. Stifel Nicolaus decreased their price objective on Adobe from $625.00 to $600.00 and set a “buy” rating on the stock in a report on Friday, June 7th. Wells Fargo & Company lifted their price objective on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. Melius Research reaffirmed a “hold” rating and issued a $510.00 price target on shares of Adobe in a research note on Monday, June 10th. Citigroup decreased their price target on Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a research note on Monday, June 10th. Finally, 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. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $601.38.

Adobe Trading Up 0.2 %

NASDAQ:ADBE traded up $0.86 on Friday, reaching $558.30. The company’s stock had a trading volume of 2,023,465 shares, compared to its average volume of 3,250,660. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. 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 firm has a market cap of $247.55 billion, a PE ratio of 50.16, a PEG ratio of 2.85 and a beta of 1.30. The business’s 50-day moving average price is $546.08 and its two-hundred day moving average price is $520.75.

Adobe (NASDAQ:ADBE) last posted its earnings results 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. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. During the same period in the previous year, the firm earned $3.04 earnings per share. The company’s revenue was up 10.2% on a year-over-year basis. Equities research analysts anticipate 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.