Montchanin Asset Management LLC Purchases Shares of 2,590 Adobe Inc. (NASDAQ:ADBE)

Montchanin Asset Management LLC purchased a new position in shares of Adobe Inc. (NASDAQ:ADBE) during the first quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 2,590 shares of the software company’s stock, valued at approximately $1,307,000. Adobe accounts for 1.3% of Montchanin Asset Management LLC’s holdings, making the stock its 22nd biggest position.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Miracle Mile Advisors LLC boosted its stake in Adobe by 54.7% during the 4th quarter. Miracle Mile Advisors LLC now owns 3,091 shares of the software company’s stock valued at $1,844,000 after purchasing an additional 1,093 shares during the last quarter. Claro Advisors LLC grew its holdings in Adobe by 8.3% during the fourth quarter. Claro Advisors LLC now owns 1,106 shares of the software company’s stock worth $660,000 after buying an additional 85 shares in the last quarter. Secure Asset Management LLC raised its position in Adobe by 6.0% in the 4th quarter. Secure Asset Management LLC now owns 561 shares of the software company’s stock valued at $335,000 after buying an additional 32 shares during the last quarter. Glass Jacobson Investment Advisors llc lifted its stake in Adobe by 410.0% during the 4th quarter. Glass Jacobson Investment Advisors llc now owns 357 shares of the software company’s stock valued at $213,000 after acquiring an additional 287 shares in the last quarter. Finally, Veracity Capital LLC boosted its holdings in Adobe by 15.1% during the 4th quarter. Veracity Capital LLC now owns 1,683 shares of the software company’s stock worth $1,004,000 after acquiring an additional 221 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on ADBE. Citigroup lowered their target price on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating for the company in a report on Monday, June 10th. Melius cut shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 target price on the stock. in a research report on Monday, June 10th. Wells Fargo & Company upped their target price on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Robert W. Baird lifted their price target on Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a report on Friday, June 14th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $600.00 target price on shares of Adobe in a research report on Thursday. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-one have issued a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $601.38.

Adobe Trading Down 0.9 %

ADBE traded down $5.24 during trading on Thursday, hitting $546.41. 2,072,069 shares of the stock traded hands, compared to its average volume of 3,392,357. The firm has a market capitalization of $242.28 billion, a P/E ratio of 49.09, a price-to-earnings-growth ratio of 2.81 and a beta of 1.30. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The firm has a 50-day moving average of $521.69 and a 200 day moving average of $529.40.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. During the same period in the prior year, the business posted $3.04 earnings per share. Adobe’s revenue for the quarter was up 10.2% on a year-over-year basis. Equities research analysts anticipate that Adobe Inc. will post 14.69 EPS for the current year.

Insider Activity

In related news, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CAO Mark S. Garfield sold 151 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the sale, the chief accounting officer now directly owns 2,740 shares in the company, valued at $1,439,897.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,523 shares of company stock valued at $14,994,277. Company insiders own 0.15% of the company’s stock.

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.