LCM Capital Management Inc Boosts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

LCM Capital Management Inc grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 2.0% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,665 shares of the software company’s stock after purchasing an additional 52 shares during the period. Adobe makes up about 0.9% of LCM Capital Management Inc’s holdings, making the stock its 19th biggest position. LCM Capital Management Inc’s holdings in Adobe were worth $1,481,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Adobe in the fourth quarter worth about $3,277,785,000. Wellington Management Group LLP grew its stake in Adobe by 1,213.5% during the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after acquiring an additional 1,870,307 shares in the last quarter. Swedbank AB bought a new stake in Adobe during the 1st quarter worth approximately $621,179,000. Price T Rowe Associates Inc. MD lifted its stake in Adobe by 17.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after purchasing an additional 1,146,718 shares in the last quarter. Finally, BlueSpruce Investments LP boosted its holdings in Adobe by 81.1% in the 1st quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after purchasing an additional 575,675 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Trading Up 0.8 %

NASDAQ:ADBE opened at $574.41 on Monday. The firm has a market capitalization of $254.69 billion, a P/E ratio of 51.61, a P/E/G ratio of 3.00 and a beta of 1.30. 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 company has a fifty day moving average of $550.32 and a 200 day moving average of $518.47. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.39 by $0.09. The firm had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.04 earnings per share. On average, research analysts predict that Adobe Inc. will post 14.69 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on ADBE shares. Stifel Nicolaus decreased their price target on shares of Adobe from $625.00 to $600.00 and set a “buy” rating on the stock in a report on Friday, June 7th. Barclays raised their price target on Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Wells Fargo & Company lifted 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. Mizuho restated a “buy” rating and issued a $640.00 price objective (down from $680.00) on shares of Adobe in a research report on Friday, June 7th. Finally, Piper Sandler Companies reiterated an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Friday, July 12th. 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 company’s stock. According to data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average target price of $601.38.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Thursday, June 27th. The stock was 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 owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 97 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 value of $52,089.00. Following 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. In the last three months, insiders have sold 27,523 shares of company stock worth $14,994,277. 0.15% of the stock is currently owned by insiders.

Adobe 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.