OV Management LLC Has $2.55 Million Stake in Adobe Inc. (NASDAQ:ADBE)

OV Management LLC grew its stake in Adobe Inc. (NASDAQ:ADBE) by 1.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,598 shares of the software company’s stock after purchasing an additional 44 shares during the period. Adobe comprises approximately 1.8% of OV Management LLC’s investment portfolio, making the stock its 14th largest position. OV Management LLC’s holdings in Adobe were worth $2,554,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in ADBE. Tradewinds Capital Management LLC boosted its position in 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 period. Salomon & Ludwin LLC raised its holdings in Adobe by 346.2% during 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 during the last quarter. Summit Securities Group LLC bought a new position in Adobe during the 2nd quarter worth approximately $33,000. Lynx Investment Advisory bought a new position in Adobe during the 2nd quarter worth approximately $39,000. Finally, Hobbs Group Advisors LLC bought a new position in Adobe during the 2nd quarter worth approximately $39,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Trading Down 8.5 %

Shares of Adobe stock opened at $536.87 on Friday. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The stock’s 50-day simple moving average is $553.76 and its 200 day simple moving average is $520.19. The stock has a market capitalization of $238.05 billion, a P/E ratio of 48.24, a P/E/G ratio of 3.03 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the previous year, the business posted $3.26 EPS. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. As a group, research analysts anticipate that Adobe Inc. will post 14.69 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on ADBE shares. Royal Bank of Canada restated an “outperform” rating and set a $610.00 price target on shares of Adobe in a report on Friday. Piper Sandler reiterated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research note on Friday. BMO Capital Markets lifted their price objective on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research note on Friday, June 14th. Oppenheimer reiterated an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a research note on Friday. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Friday. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $608.83.

Insider Activity

In other news, CAO Mark S. Garfield sold 264 shares of the company’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 sale, the chief accounting officer now directly owns 2,740 shares in the company, valued at $1,439,897.40. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, CAO Mark S. Garfield sold 97 shares of the company’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 $52,089.00. Following the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,501,989. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 264 shares of the company’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 $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 over the last ninety days. Company insiders own 0.15% of the company’s stock.

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.