O Brien Greene & Co. Inc Increases Stake in Adobe Inc. (NASDAQ:ADBE)

O Brien Greene & Co. Inc raised its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 4.7% 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 11,551 shares of the software company’s stock after buying an additional 516 shares during the quarter. Adobe comprises approximately 2.0% of O Brien Greene & Co. Inc’s holdings, making the stock its 22nd largest position. O Brien Greene & Co. Inc’s holdings in Adobe were worth $6,417,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the stock. Tradewinds Capital Management LLC boosted its position 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 valued at $28,000 after acquiring an additional 40 shares during the last quarter. Salomon & Ludwin LLC boosted its position in shares of Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after acquiring an additional 45 shares during the last quarter. Summit Securities Group LLC bought a new position in shares of Adobe during the 2nd quarter valued at approximately $33,000. Lynx Investment Advisory bought a new position in shares of Adobe during the 2nd quarter valued at approximately $39,000. Finally, Hobbs Group Advisors LLC bought a new position in shares of Adobe during the 2nd quarter valued at approximately $39,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ADBE. Evercore ISI restated an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research report on Friday, June 7th. Bank of America restated a “buy” rating and issued a $640.00 price target on shares of Adobe in a research report on Friday, September 13th. Mizuho restated a “buy” rating and issued a $640.00 price target (down from $680.00) on shares of Adobe in a research report on Friday, June 7th. Royal Bank of Canada restated an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research report on Friday, September 13th. Finally, Piper Sandler restated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.58.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,501,989. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following 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 27,259 shares of company stock worth $14,855,543. 0.15% of the stock is owned by corporate insiders.

Adobe Stock Performance

Shares of Adobe stock opened at $515.03 on Wednesday. The company has a market capitalization of $228.36 billion, a PE ratio of 46.27, 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. The company has a 50-day simple moving average of $551.66 and a two-hundred day simple moving average of $519.07. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25.

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

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.