L & S Advisors Inc lifted its holdings in Adobe Inc (NASDAQ:ADBE) by 187.3% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 9,275 shares of the software company’s stock after acquiring an additional 6,047 shares during the period. L & S Advisors Inc’s holdings in Adobe were worth $2,733,000 as of its most recent filing with the SEC.
Several other hedge funds have also added to or reduced their stakes in ADBE. Marquette Asset Management LLC lifted its holdings in shares of Adobe by 114.3% in the second quarter. Marquette Asset Management LLC now owns 90 shares of the software company’s stock worth $27,000 after acquiring an additional 48 shares during the last quarter. JNBA Financial Advisors raised its holdings in Adobe by 666.7% in the 2nd quarter. JNBA Financial Advisors now owns 92 shares of the software company’s stock valued at $27,000 after buying an additional 80 shares during the last quarter. Manchester Financial Inc. bought a new position in Adobe in the 2nd quarter valued at approximately $28,000. Ellis Investment Partners LLC bought a new position in Adobe in the 2nd quarter valued at approximately $30,000. Finally, Resources Investment Advisors LLC. raised its holdings in Adobe by 94.3% in the 2nd quarter. Resources Investment Advisors LLC. now owns 103 shares of the software company’s stock valued at $30,000 after buying an additional 50 shares during the last quarter. Institutional investors and hedge funds own 86.53% of the company’s stock.
Shares of ADBE stock traded down $0.45 during trading hours on Friday, hitting $277.57. 208,405 shares of the company were exchanged, compared to its average volume of 2,153,849. The firm has a market cap of $134.05 billion, a P/E ratio of 50.01, a P/E/G ratio of 2.51 and a beta of 1.11. Adobe Inc has a fifty-two week low of $204.95 and a fifty-two week high of $313.11. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.70 and a current ratio of 0.70. The company has a 50 day simple moving average of $290.27 and a two-hundred day simple moving average of $281.10.
Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Tuesday, June 18th. The software company reported $1.83 EPS for the quarter, topping the consensus estimate of $1.78 by $0.05. The company had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.70 billion. Adobe had a net margin of 26.25% and a return on equity of 29.96%. The company’s quarterly revenue was up 25.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.66 EPS. As a group, sell-side analysts expect that Adobe Inc will post 6.3 EPS for the current fiscal year.
In other Adobe news, Director John E. Warnock sold 4,000 shares of the firm’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $296.94, for a total transaction of $1,187,760.00. Following the transaction, the director now directly owns 16,088 shares in the company, valued at approximately $4,777,170.72. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Ann Lewnes sold 3,000 shares of the firm’s stock in a transaction on Wednesday, June 19th. The shares were sold at an average price of $287.00, for a total value of $861,000.00. Following the transaction, the executive vice president now owns 58,458 shares in the company, valued at $16,777,446. The disclosure for this sale can be found here. Over the last quarter, insiders sold 29,627 shares of company stock worth $8,697,224. 0.32% of the stock is owned by company insiders.
A number of research analysts recently issued reports on ADBE shares. Wells Fargo & Co reiterated a “hold” rating and issued a $275.00 price objective (up previously from $250.00) on shares of Adobe in a report on Wednesday, June 19th. Barclays raised their price objective on shares of Adobe from $304.00 to $330.00 and gave the company an “overweight” rating in a report on Wednesday, June 19th. Credit Suisse Group raised their price objective on shares of Adobe from $300.00 to $325.00 and gave the company a “positive” rating in a report on Wednesday, June 19th. Bank of America increased their target price on shares of Adobe from $312.00 to $323.00 and gave the company a “buy” rating in a research report on Wednesday, June 19th. Finally, BMO Capital Markets increased their target price on shares of Adobe from $300.00 to $315.00 and gave the company an “outperform” rating in a research report on Wednesday, June 19th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and eighteen have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average target price of $301.69.
Adobe Company Profile
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.
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