Sigma Investment Counselors Inc. Purchases 130 Shares of Adobe Inc. (NASDAQ:ADBE)

Sigma Investment Counselors Inc. raised its stake in Adobe Inc. (NASDAQ:ADBEGet Rating) by 1.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,206 shares of the software company’s stock after purchasing an additional 130 shares during the period. Sigma Investment Counselors Inc.’s holdings in Adobe were worth $3,004,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Clearstead Advisors LLC lifted its holdings in shares of Adobe by 8.3% during the 4th quarter. Clearstead Advisors LLC now owns 4,257 shares of the software company’s stock worth $2,414,000 after acquiring an additional 326 shares during the period. ETF Managers Group LLC increased its position in shares of Adobe by 4.8% during the 4th quarter. ETF Managers Group LLC now owns 1,433 shares of the software company’s stock worth $818,000 after purchasing an additional 66 shares in the last quarter. Gordian Capital Singapore Pte Ltd acquired a new stake in shares of Adobe during the 4th quarter worth about $261,000. Unigestion Holding SA increased its position in shares of Adobe by 161.6% during the 4th quarter. Unigestion Holding SA now owns 24,089 shares of the software company’s stock worth $13,659,000 after purchasing an additional 14,880 shares in the last quarter. Finally, IHT Wealth Management LLC increased its position in shares of Adobe by 1.6% during the 4th quarter. IHT Wealth Management LLC now owns 2,153 shares of the software company’s stock worth $1,221,000 after purchasing an additional 34 shares in the last quarter. 80.75% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on ADBE shares. Deutsche Bank Aktiengesellschaft dropped their target price on shares of Adobe from $500.00 to $400.00 and set a “buy” rating for the company in a research report on Friday, September 16th. Oppenheimer lowered shares of Adobe from an “outperform” rating to a “market perform” rating in a research note on Thursday, September 15th. Evercore ISI reduced their price objective on shares of Adobe from $475.00 to $350.00 and set an “outperform” rating on the stock in a research note on Friday, September 16th. Edward Jones lowered shares of Adobe from a “buy” rating to a “hold” rating in a research note on Monday. Finally, Jefferies Financial Group reduced their price objective on shares of Adobe from $550.00 to $500.00 in a research note on Friday, June 17th. Sixteen analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $427.11.

Insider Buying and Selling

In related news, CFO Daniel Durn bought 3,250 shares of the company’s stock in a transaction dated Thursday, September 22nd. The stock was purchased at an average price of $288.11 per share, with a total value of $936,357.50. Following the completion of the acquisition, the chief financial officer now owns 8,948 shares of the company’s stock, valued at $2,578,008.28. The purchase was disclosed in a document filed with the SEC, which is available through this link. In other Adobe news, CFO Daniel Durn acquired 3,250 shares of the company’s stock in a transaction that occurred on Thursday, September 22nd. The stock was acquired at an average price of $288.11 per share, for a total transaction of $936,357.50. Following the acquisition, the chief financial officer now directly owns 8,948 shares in the company, valued at $2,578,008.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Mark S. Garfield sold 132 shares of the stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $409.75, for a total transaction of $54,087.00. Following the sale, the chief accounting officer now directly owns 2,465 shares of the company’s stock, valued at approximately $1,010,033.75. The disclosure for this sale can be found here. Insiders sold 3,769 shares of company stock valued at $1,477,562 over the last quarter. 0.23% of the stock is owned by company insiders.

Adobe Stock Performance

Shares of ADBE stock traded down $2.95 on Friday, hitting $284.11. The company’s stock had a trading volume of 136,848 shares, compared to its average volume of 5,011,590. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.07 and a current ratio of 1.14. The stock’s 50 day moving average is $389.95 and its 200-day moving average is $403.64. Adobe Inc. has a fifty-two week low of $280.06 and a fifty-two week high of $699.54. The company has a market capitalization of $132.96 billion, a PE ratio of 28.02, a PEG ratio of 1.92 and a beta of 1.14.

Adobe (NASDAQ:ADBEGet Rating) last posted its quarterly earnings data on Thursday, September 15th. The software company reported $3.40 earnings per share for the quarter, topping the consensus estimate of $3.33 by $0.07. Adobe had a net margin of 28.00% and a return on equity of 36.49%. The business had revenue of $4.43 billion during the quarter, compared to analysts’ expectations of $4.44 billion. During the same quarter in the prior year, the business posted $2.65 earnings per share. Adobe’s revenue was up 12.6% compared to the same quarter last year. Equities research analysts expect that Adobe Inc. will post 11.1 earnings per share for the current fiscal year.

Adobe Profile

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Adobe Inc 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.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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