Adobe Inc. (NASDAQ:ADBE) Shares Bought by LS Investment Advisors LLC

LS Investment Advisors LLC grew its stake in Adobe Inc. (NASDAQ:ADBE) by 7.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,355 shares of the software company’s stock after buying an additional 160 shares during the period. LS Investment Advisors LLC’s holdings in Adobe were worth $1,308,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the stock. Barlow Wealth Partners Inc. purchased a new stake in Adobe in the fourth quarter valued at approximately $16,700,000. Vise Technologies Inc. boosted its stake in Adobe by 267.3% during the 4th quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock worth $4,635,000 after purchasing an additional 5,654 shares during the period. Steph & Co. grew 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 purchasing an additional 30 shares during the last quarter. Naviter Wealth LLC increased its stake in Adobe by 39.7% in the fourth quarter. Naviter Wealth LLC now owns 3,502 shares of the software company’s stock valued at $2,089,000 after purchasing an additional 996 shares during the period. Finally, International Assets Investment Management LLC raised its holdings in shares of Adobe by 16.2% in the first quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock valued at $1,435,000 after buying an additional 398 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on ADBE shares. Wells Fargo & Company boosted their price target on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. Citigroup dropped their target price on Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a report on Monday, June 10th. Stifel Nicolaus decreased their price target on Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a report on Friday, June 7th. Piper Sandler lowered their price objective on shares of Adobe from $700.00 to $635.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. Finally, JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $601.38.

Adobe Trading Up 1.5 %

NASDAQ:ADBE traded up $8.38 on Tuesday, reaching $567.82. The stock had a trading volume of 1,403,062 shares, compared to its average volume of 3,228,181. The company has a market cap of $251.77 billion, a price-to-earnings ratio of 51.02, a P/E/G ratio of 2.85 and a beta of 1.30. 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 current ratio of 1.16 and a quick ratio of 1.16. The firm’s fifty day moving average is $546.89 and its two-hundred day moving average is $519.69.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analyst estimates of $5.29 billion. During the same quarter last year, the business earned $3.04 earnings per share. Adobe’s revenue was up 10.2% compared to the same quarter last year. Equities analysts expect that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Insider Activity at Adobe

In other Adobe news, 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 value of $85,254.60. Following the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction on 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 approximately $1,439,897.40. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction on Tuesday, July 16th. The shares were 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 owns 2,797 shares in the company, valued at approximately $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 worth $14,994,277. 0.15% of the stock is currently owned by insiders.

About Adobe

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.