Allred Capital Management LLC Invests $202,000 in Adobe Inc. (NASDAQ:ADBE)

Allred Capital Management LLC acquired a new position in shares of Adobe Inc. (NASDAQ:ADBE) in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 412 shares of the software company’s stock, valued at approximately $202,000.

Other large investors have also added to or reduced their stakes in the company. Evolution Wealth Advisors LLC acquired a new position in shares of Adobe during the 2nd quarter worth about $30,000. Harvest Group Wealth Management LLC acquired a new position in shares of Adobe during the 2nd quarter worth about $30,000. Cedar Mountain Advisors LLC boosted its position in shares of Adobe by 81.0% during the 2nd quarter. Cedar Mountain Advisors LLC now owns 76 shares of the software company’s stock worth $33,000 after acquiring an additional 34 shares in the last quarter. Lloyd Advisory Services LLC. boosted its position in shares of Adobe by 256.5% during the 1st quarter. Lloyd Advisory Services LLC. now owns 82 shares of the software company’s stock worth $26,000 after acquiring an additional 59 shares in the last quarter. Finally, Rockbridge Investment Management LCC purchased a new stake in shares of Adobe in the 2nd quarter valued at about $36,000. 84.03% of the stock is owned by institutional investors and hedge funds.

Several analysts have recently weighed in on ADBE shares. BMO Capital Markets reissued an “equal weight” rating and issued a $500.00 target price (up from $375.00) on shares of Adobe in a report on Wednesday, September 16th. BidaskClub downgraded Adobe from a “buy” rating to a “hold” rating in a report on Wednesday, September 9th. Jefferies Financial Group boosted their target price on Adobe from $570.00 to $600.00 and gave the company a “buy” rating in a report on Wednesday, September 16th. Citigroup reduced their target price on Adobe from $530.00 to $523.00 and set a “neutral” rating for the company in a report on Wednesday, September 16th. Finally, Wells Fargo & Company boosted their target price on Adobe from $375.00 to $500.00 and gave the company an “equal weight” rating in a report on Wednesday, September 16th. Two analysts have rated the stock with a sell rating, six have given a hold rating and twenty-four have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $507.10.

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 P/E/G ratio of 3.89 and a beta of 0.97. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.44 and a quick ratio of 1.44. The stock’s 50 day simple moving average is $490.24 and its 200 day simple moving average is $420.66. Adobe Inc. has a 1-year low of $255.13 and a 1-year high of $536.88.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Tuesday, September 15th. The software company reported $2.57 earnings per share for the quarter, topping analysts’ consensus estimates 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 return on equity of 35.84% and a net margin of 31.05%. The company’s revenue was up 14.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.05 EPS. Research analysts expect that Adobe Inc. will post 8.2 EPS for the current fiscal year.

In other Adobe news, EVP Bryan Lamkin sold 13,095 shares of the stock in a transaction on Monday, August 24th. The stock was sold at an average price of $477.15, for a total transaction of $6,248,279.25. Following the sale, the executive vice president now owns 84,774 shares in the company, valued at approximately $40,449,914.10. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Shantanu Narayen sold 10,000 shares of the stock in a transaction on Wednesday, July 22nd. The shares were sold at an average price of $445.00, for a total value of $4,450,000.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 75,470 shares of company stock worth $34,289,308. Insiders own 0.31% of the company’s stock.

About Adobe

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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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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