Allred Capital Management LLC acquired a new stake in Adobe Inc. (NASDAQ:ADBE) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 412 shares of the software company’s stock, valued at approximately $202,000.
Other hedge funds have also added to or reduced their stakes in the company. Lloyd Advisory Services LLC. lifted its stake in shares of Adobe by 256.5% in the 1st quarter. Lloyd Advisory Services LLC. now owns 82 shares of the software company’s stock valued at $26,000 after purchasing an additional 59 shares during the last quarter. Evolution Wealth Advisors LLC acquired a new stake in shares of Adobe in the 2nd quarter valued at $30,000. Harvest Group Wealth Management LLC acquired a new stake in shares of Adobe in the 2nd quarter valued at $30,000. Cedar Mountain Advisors LLC lifted its stake in shares of Adobe by 81.0% in the 2nd quarter. Cedar Mountain Advisors LLC now owns 76 shares of the software company’s stock valued at $33,000 after purchasing an additional 34 shares during the last quarter. Finally, Rockbridge Investment Management LCC acquired a new stake in shares of Adobe in the 2nd quarter valued at $36,000. 84.03% of the stock is owned by institutional investors and hedge funds.
NASDAQ ADBE opened at $502.82 on Friday. The stock has a market cap of $241.21 billion, a P/E ratio of 63.33, a PEG ratio of 3.89 and a beta of 0.97. The company’s 50-day simple moving average is $490.24 and its 200 day simple moving average is $420.66. Adobe Inc. has a twelve month low of $255.13 and a twelve month high of $536.88. The company has a quick ratio of 1.44, a current ratio of 1.44 and a debt-to-equity ratio of 0.35.
Adobe (NASDAQ:ADBE) last posted its earnings results on Tuesday, September 15th. The software company reported $2.57 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.41 by $0.16. The business had revenue of $3.23 billion for the quarter, compared to analysts’ expectations of $3.16 billion. Adobe had a net margin of 31.05% and a return on equity of 35.84%. The firm’s revenue for the quarter was up 14.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.05 earnings per share. Research analysts anticipate that Adobe Inc. will post 8.2 earnings per share for the current year.
Several equities research analysts recently issued reports on the stock. BofA Securities lifted their price objective on shares of Adobe from $440.00 to $570.00 and gave the company a “buy” rating in a research note on Wednesday, September 16th. Goldman Sachs Group boosted their target price on shares of Adobe from $460.00 to $520.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 16th. DZ Bank raised shares of Adobe from a “hold” rating to a “buy” rating and set a $570.00 target price for the company in a research report on Thursday, September 17th. Jefferies Financial Group boosted their target price on shares of Adobe from $570.00 to $600.00 and gave the stock a “buy” rating in a research report on Wednesday, September 16th. Finally, Sanford C. Bernstein reissued a “buy” rating and set a $562.00 target price on shares of Adobe in a research report on Wednesday, September 16th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and twenty-four have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $507.10.
In related news, EVP Scott Belsky sold 600 shares of the company’s stock in a transaction dated Thursday, October 15th. The shares were sold at an average price of $499.26, for a total value of $299,556.00. Following the sale, the executive vice president now owns 10,253 shares of the company’s stock, valued at $5,118,912.78. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Bryan Lamkin sold 13,094 shares of the company’s stock in a transaction dated Friday, July 24th. The shares were sold at an average price of $427.66, for a total transaction of $5,599,780.04. The disclosure for this sale can be found here. In the last three months, insiders sold 75,470 shares of company stock worth $34,289,308. 0.31% of the stock is currently owned by insiders.
Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, teams, 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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