Angeles Wealth Management LLC Has $1.01 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Angeles Wealth Management LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 27.2% in the second quarter, according to the company in its most recent filing with the SEC. The fund owned 1,818 shares of the software company’s stock after buying an additional 389 shares during the quarter. Angeles Wealth Management LLC’s holdings in Adobe were worth $1,010,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Tradewinds Capital Management LLC lifted its stake in shares of 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 stake in Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares in the last quarter. Summit Securities Group LLC acquired a new stake in Adobe in the 2nd quarter worth about $33,000. Steph & Co. raised its stake in Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares in the last quarter. Finally, Lynx Investment Advisory acquired a new stake in Adobe in the 2nd quarter worth about $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Up 0.8 %

NASDAQ:ADBE opened at $574.48 on Wednesday. The firm’s 50 day simple moving average is $554.06 and its 200 day simple moving average is $519.46. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The company has a market cap of $254.72 billion, a PE ratio of 51.62, a P/E/G ratio of 2.94 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted its 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 net margin of 24.86% and a return on equity of 40.67%. The business had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. During the same period last year, the company earned $3.04 EPS. The firm’s revenue was up 10.2% compared to the same quarter last year. On average, research analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current year.

Insider Buying and Selling

In related news, 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 sale, the executive vice president now directly owns 19,658 shares in the company, valued at approximately $10,556,346. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, EVP Scott Belsky sold 481 shares of the business’s 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 $258,297.00. Following the transaction, the executive vice president now owns 19,658 shares in the company, valued at approximately $10,556,346. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction that occurred 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 transaction, the chief accounting officer now owns 2,740 shares in the company, valued at approximately $1,439,897.40. 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 ninety days. Company insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several analyst reports. Melius cut shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective for the company. in a research note on Monday, June 10th. Stifel Nicolaus lifted their price objective on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Wells Fargo & Company lifted their price objective on shares of Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. BMO Capital Markets lifted their price objective on shares of Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research note on Friday, June 14th. Finally, Citigroup decreased their target price on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a report on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have issued a buy rating to the stock. According to data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and an average target price of $605.52.

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.