Gradient Investments LLC Acquires 22,542 Shares of Adobe Inc. (NASDAQ:ADBE)

Gradient Investments LLC increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE – Get Rating) by 370.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 28,626 shares of the software company’s stock after purchasing an additional 22,542 shares during the period. Gradient Investments LLC’s holdings in Adobe were worth $10,479,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of ADBE. Delos Wealth Advisors LLC boosted its stake in Adobe by 169.6% in the fourth quarter. Delos Wealth Advisors LLC now owns 62 shares of the software company’s stock valued at $35,000 after acquiring an additional 39 shares in the last quarter. Oliver Lagore Vanvalin Investment Group acquired a new stake in Adobe in the first quarter valued at approximately $31,000. Ulland Investment Advisors LLC boosted its stake in Adobe by 60.0% in the first quarter. Ulland Investment Advisors LLC now owns 80 shares of the software company’s stock valued at $36,000 after acquiring an additional 30 shares in the last quarter. Rather & Kittrell Inc. purchased a new position in shares of Adobe in the fourth quarter worth $47,000. Finally, Creative Financial Designs Inc. ADV raised its holdings in shares of Adobe by 62.3% in the first quarter. Creative Financial Designs Inc. ADV now owns 86 shares of the software company’s stock worth $39,000 after buying an additional 33 shares during the last quarter. 80.75% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 2,711 shares of Adobe stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $393.58, for a total transaction of $1,066,995.38. Following the transaction, the executive vice president now directly owns 26,089 shares of the company’s stock, valued at $10,268,108.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, 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 completion of the transaction, the chief accounting officer now owns 2,465 shares of the company’s stock, valued at approximately $1,010,033.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 2,711 shares of the business’s stock in a transaction that occurred on Tuesday, July 26th. The shares were sold at an average price of $393.58, for a total value of $1,066,995.38. Following the completion of the sale, the executive vice president now directly owns 26,089 shares in the company, valued at approximately $10,268,108.62. The disclosure for this sale can be found here. Insiders have sold 3,637 shares of company stock valued at $1,438,682 over the last ninety days. Company insiders own 0.23% of the company’s stock.

Adobe Stock Performance

ADBE opened at $299.50 on Monday. The firm has a market capitalization of $140.17 billion, a PE ratio of 29.54, a PEG ratio of 1.65 and a beta of 1.14. Adobe Inc. has a twelve month low of $292.14 and a twelve month high of $699.54. The firm’s 50-day moving average price is $396.83 and its 200 day moving average price is $407.78. The company has a current ratio of 1.07, a quick ratio of 1.07 and a debt-to-equity ratio of 0.26.

Adobe (NASDAQ:ADBE – Get Rating) last issued its earnings results on Thursday, September 15th. The software company reported $3.40 EPS for the quarter, topping analysts’ consensus estimates of $3.33 by $0.07. Adobe had a net margin of 28.00% and a return on equity of 36.61%. The company had revenue of $4.43 billion for the quarter, compared to the consensus estimate of $4.44 billion. During the same period in the previous year, the firm earned $2.65 earnings per share. Adobe’s quarterly revenue was up 12.6% compared to the same quarter last year. As a group, sell-side analysts expect that Adobe Inc. will post 10.98 EPS for the current fiscal year.

Analyst Ratings Changes

ADBE has been the subject of a number of research analyst reports. Evercore ISI decreased their price target on shares of Adobe from $475.00 to $350.00 and set an “outperform” rating for the company in a report on Friday. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Adobe from $500.00 to $400.00 and set a “buy” rating for the company in a report on Friday. Oppenheimer cut shares of Adobe from an “outperform” rating to a “market perform” rating in a report on Thursday. Robert W. Baird cut shares of Adobe from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $450.00 to $355.00 in a report on Friday. Finally, Royal Bank of Canada decreased their price target on shares of Adobe from $500.00 to $425.00 and set an “outperform” rating for the company in a report on Friday. Fourteen analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $434.35.

Adobe Company 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.

Insiders Place Their Bets

Adobe Stock Performance

Analyst Ratings Changes

Adobe Company Profile

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