First National Bank of South Miami Increases Holdings in Adobe Inc. (NASDAQ:ADBE)

First National Bank of South Miami increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 12.6% in the 2nd quarter, Holdings Channel.com reports. The firm owned 411 shares of the software company’s stock after acquiring an additional 46 shares during the quarter. First National Bank of South Miami’s holdings in Adobe were worth $201,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in ADBE. Graham Capital Wealth Management LLC purchased a new position in shares of Adobe during the 1st quarter worth approximately $204,246,000. Independence Bank of Kentucky lifted its stake in Adobe by 209.1% during the second quarter. Independence Bank of Kentucky now owns 68 shares of the software company’s stock worth $33,000 after purchasing an additional 46 shares in the last quarter. NewSquare Capital LLC boosted its position in shares of Adobe by 278.9% during the first quarter. NewSquare Capital LLC now owns 72 shares of the software company’s stock worth $28,000 after buying an additional 53 shares during the period. Financial Management Professionals Inc. grew its stake in shares of Adobe by 171.0% in the first quarter. Financial Management Professionals Inc. now owns 84 shares of the software company’s stock valued at $32,000 after buying an additional 53 shares in the last quarter. Finally, Financial Freedom LLC purchased a new stake in shares of Adobe in the 4th quarter valued at $29,000. Institutional investors and hedge funds own 80.00% of the company’s stock.

Insider Buying and Selling

In other Adobe news, EVP Dana Rao sold 2,600 shares of the business’s stock in a transaction on Friday, June 23rd. The shares were sold at an average price of $480.21, for a total value of $1,248,546.00. Following the transaction, the executive vice president now directly owns 17,466 shares of the company’s stock, valued at approximately $8,387,347.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO Mark S. Garfield sold 298 shares of the company’s stock in a transaction that occurred on Friday, August 4th. The shares were sold at an average price of $526.74, for a total transaction of $156,968.52. Following the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,135,930.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Dana Rao sold 2,600 shares of Adobe stock in a transaction that occurred on Friday, June 23rd. The stock was sold at an average price of $480.21, for a total transaction of $1,248,546.00. Following the completion of the sale, the executive vice president now directly owns 17,466 shares of the company’s stock, valued at $8,387,347.86. The disclosure for this sale can be found here. Insiders sold a total of 43,089 shares of company stock valued at $20,720,115 over the last three months. 0.24% of the stock is currently owned by company insiders.

Adobe Trading Up 0.7 %

NASDAQ ADBE opened at $532.42 on Tuesday. The firm’s fifty day moving average is $530.08 and its two-hundred day moving average is $443.78. Adobe Inc. has a one year low of $274.73 and a one year high of $570.24. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.25. The firm has a market cap of $242.68 billion, a PE ratio of 47.92, a P/E/G ratio of 3.17 and a beta of 1.33.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, September 14th. The software company reported $4.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.98 by $0.11. Adobe had a return on equity of 37.73% and a net margin of 27.11%. The firm had revenue of $4.89 billion for the quarter, compared to analysts’ expectations of $4.87 billion. During the same quarter in the previous year, the firm posted $2.63 EPS. The firm’s revenue for the quarter was up 10.3% on a year-over-year basis. Analysts expect that Adobe Inc. will post 12.58 earnings per share for the current year.

Analyst Upgrades and Downgrades

ADBE has been the subject of several research reports. BMO Capital Markets lifted their target price on Adobe from $600.00 to $640.00 and gave the company an “outperform” rating in a research report on Tuesday, September 12th. Bank of America increased their target price on shares of Adobe from $630.00 to $660.00 and gave the stock a “buy” rating in a report on Friday. Argus boosted their price target on shares of Adobe from $410.00 to $565.00 in a research note on Wednesday, June 21st. Mizuho reiterated a “buy” rating and issued a $630.00 price objective on shares of Adobe in a research note on Friday. Finally, Barclays boosted their target price on Adobe from $620.00 to $640.00 and gave the stock an “equal weight” rating in a research note on Friday. Nine research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $586.38.

Adobe Profile

Adobe Inc, together with its subsidiaries, 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.