Signature Estate & Investment Advisors LLC Increases Stake in Adobe Inc. (NASDAQ:ADBE)

Signature Estate & Investment Advisors LLC raised its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 61.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,412 shares of the software company’s stock after buying an additional 539 shares during the quarter. Signature Estate & Investment Advisors LLC’s holdings in Adobe were worth $784,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also added to or reduced their stakes in the company. Tradewinds Capital Management LLC grew its holdings 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 valued at $28,000 after purchasing an additional 40 shares in the last quarter. Salomon & Ludwin LLC grew its holdings in shares of Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares in the last quarter. Lynx Investment Advisory purchased a new position in shares of Adobe in the second quarter valued at $39,000. Hobbs Group Advisors LLC purchased a new position in shares of Adobe in the second quarter valued at $39,000. Finally, First Community Trust NA purchased a new position in shares of Adobe in the second quarter valued at $41,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the sale, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction dated 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 transaction, 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the sale, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The disclosure for this sale can be found here. Insiders sold 27,523 shares of company stock valued at $14,994,277 in the last three months. 0.15% of the stock is currently owned by insiders.

Adobe Price Performance

Shares of ADBE stock traded up $5.87 during trading hours on Tuesday, hitting $565.31. 234,369 shares of the company’s stock were exchanged, compared to its average volume of 3,221,098. The firm has a 50 day moving average of $546.89 and a two-hundred day moving average of $519.69. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The firm has a market cap of $250.66 billion, a P/E ratio of 50.26, a P/E/G ratio of 2.85 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The company had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the firm posted $3.04 EPS. Sell-side analysts forecast that Adobe Inc. will post 14.69 EPS for the current year.

Analysts Set New Price Targets

A number of analysts recently issued reports on ADBE shares. Robert W. Baird raised their price target on Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research report on Friday, June 14th. Wells Fargo & Company raised their price target on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research report on Friday, June 14th. Melius Research restated a “hold” rating and issued a $510.00 price target on shares of Adobe in a research report on Monday, June 10th. Oppenheimer restated an “outperform” rating and issued a $580.00 price target on shares of Adobe in a research report on Friday, June 14th. Finally, KeyCorp raised their price target on Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research report on Friday, June 14th. Two 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 MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $601.38.

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.