Avitas Wealth Management LLC Increases Stake in Adobe Inc. (NASDAQ:ADBE)

Avitas Wealth Management LLC lifted its stake in Adobe Inc. (NASDAQ:ADBE) by 10.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,620 shares of the software company’s stock after purchasing an additional 536 shares during the quarter. Avitas Wealth Management LLC’s holdings in Adobe were worth $3,122,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Tradewinds Capital Management LLC raised its position 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 buying an additional 40 shares during the last quarter. Salomon & Ludwin LLC raised its position in 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 buying an additional 45 shares during the last quarter. Steph & Co. raised its position in Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares during the last quarter. Lynx Investment Advisory purchased a new position in Adobe during the 2nd quarter worth approximately $39,000. Finally, Hobbs Group Advisors LLC purchased a new position in Adobe during the 2nd quarter worth approximately $39,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on ADBE. Stifel Nicolaus reduced their price target on shares of Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a research report on Friday, June 7th. Melius Research reaffirmed a “hold” rating and set a $510.00 price objective on shares of Adobe in a research note on Monday, June 10th. KeyCorp raised their price objective on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research note on Friday, June 14th. Barclays raised their price objective on shares of Adobe from $630.00 to $650.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. Finally, Robert W. Baird raised their price objective on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research note on Friday, June 14th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $601.38.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction 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 legal filing with the SEC, which can be accessed through this hyperlink. In related news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the sale, the chief accounting officer now directly owns 2,740 shares in the company, valued at approximately $1,439,897.40. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Mark S. Garfield sold 97 shares of the business’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 completion of the sale, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The disclosure for this sale can be found here. Insiders have sold a total of 27,523 shares of company stock worth $14,994,277 in the last quarter. Company insiders own 0.15% of the company’s stock.

Adobe Trading Up 0.2 %

Shares of NASDAQ ADBE traded up $0.86 during trading on Friday, hitting $558.30. 2,021,688 shares of the company were exchanged, compared to its average volume of 3,250,660. Adobe Inc. has a 12-month low of $433.97 and a 12-month 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 company has a fifty day moving average price of $546.08 and a 200-day moving average price of $521.35. The firm has a market capitalization of $247.55 billion, a PE ratio of 50.16, a P/E/G ratio of 2.85 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same quarter in the previous year, the firm earned $3.04 EPS. The company’s quarterly 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.

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.