Verdence Capital Advisors LLC Has $2.56 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Verdence Capital Advisors LLC trimmed its stake in Adobe Inc. (NASDAQ:ADBE) by 1.9% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,608 shares of the software company’s stock after selling 87 shares during the period. Verdence Capital Advisors LLC’s holdings in Adobe were worth $2,560,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Catalyst Financial Partners LLC increased its holdings in Adobe by 8.8% in the second quarter. Catalyst Financial Partners LLC now owns 1,772 shares of the software company’s stock valued at $984,000 after purchasing an additional 143 shares during the period. Bristlecone Advisors LLC increased its holdings in Adobe by 0.6% in the second quarter. Bristlecone Advisors LLC now owns 9,142 shares of the software company’s stock valued at $5,079,000 after purchasing an additional 58 shares during the period. Alta Capital Management LLC increased its holdings in Adobe by 8.1% in the second quarter. Alta Capital Management LLC now owns 115,527 shares of the software company’s stock valued at $64,180,000 after purchasing an additional 8,620 shares during the period. IMA Advisory Services Inc. grew its holdings in Adobe by 44.6% during the 2nd quarter. IMA Advisory Services Inc. now owns 4,523 shares of the software company’s stock worth $2,513,000 after acquiring an additional 1,394 shares during the period. Finally, Obsidian Personal Planning Solutions LLC acquired a new stake in Adobe during the 2nd quarter worth about $222,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott Belsky sold 481 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 transaction of $258,297.00. Following the completion of the transaction, the executive vice president now owns 19,658 shares of the company’s stock, valued at $10,556,346. The disclosure for this sale can be found here. In the last quarter, insiders have sold 27,523 shares of company stock valued at $14,994,277. 0.15% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of recent analyst reports. Mizuho reiterated a “buy” rating and set a $640.00 price target (down from $680.00) on shares of Adobe in a report on Friday, June 7th. TD Cowen reduced their target price on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research note on Monday, June 10th. Robert W. Baird raised their target price on Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a research note on Friday, June 14th. Evercore ISI restated an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research note on Friday, June 7th. Finally, KeyCorp raised their target price on Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research note on Friday, June 14th. Two research 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.com, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $601.38.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded up $1.14 during mid-day trading on Monday, reaching $559.44. The company had a trading volume of 1,386,831 shares, compared to its average volume of 3,239,304. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The firm has a market cap of $248.06 billion, a price-to-earnings ratio of 50.26, a PEG ratio of 2.85 and a beta of 1.30. The company’s 50-day moving average price is $546.08 and its 200-day moving average price is $520.08. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25.

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