Pine Valley Investments Ltd Liability Co Has $12.42 Million Position in Adobe Inc. (NASDAQ:ADBE)

Pine Valley Investments Ltd Liability Co lifted its position in Adobe Inc. (NASDAQ:ADBE) by 30.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 22,361 shares of the software company’s stock after purchasing an additional 5,231 shares during the quarter. Adobe accounts for approximately 0.8% of Pine Valley Investments Ltd Liability Co’s holdings, making the stock its 22nd biggest holding. Pine Valley Investments Ltd Liability Co’s holdings in Adobe were worth $12,422,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Tradewinds Capital Management LLC boosted its stake in 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 acquiring an additional 40 shares during the last quarter. 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 buying an additional 45 shares during the period. Summit Securities Group LLC acquired a new position in Adobe in the 2nd quarter worth $33,000. Steph & Co. lifted its stake in Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after acquiring an additional 30 shares in the last quarter. Finally, Lynx Investment Advisory bought a new position in Adobe in the second quarter valued at $39,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Stock Up 0.8 %

NASDAQ ADBE traded up $4.78 during trading on Friday, hitting $574.41. The company’s stock had a trading volume of 1,982,970 shares, compared to its average volume of 3,201,657. The business’s 50 day simple moving average is $550.32 and its 200-day simple moving average is $519.64. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The company has a market cap of $254.69 billion, a PE ratio of 51.61, a P/E/G ratio of 2.85 and a beta of 1.30.

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

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $560.23, for a total transaction of $857,151.90. Following the sale, the executive vice president now directly owns 20,359 shares in the company, valued at approximately $11,405,722.57. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Adobe news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $560.23, for a total transaction of $857,151.90. Following the completion of the sale, the executive vice president now directly owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction dated Tuesday, July 16th. The stock was 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 $1,579,186.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,523 shares of company stock worth $14,994,277. Insiders own 0.15% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on ADBE shares. Barclays lifted their price objective on shares of Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. TD Cowen lowered their price target on shares of Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research report on Monday, June 10th. Melius Research reiterated a “hold” rating and set a $510.00 price objective on shares of Adobe in a research note on Monday, June 10th. Evercore ISI restated an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research note on Friday, June 7th. Finally, Sanford C. Bernstein lifted their price target on Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research note on Monday, June 17th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus price target 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.