Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Key Client Fiduciary Advisors LLC

Key Client Fiduciary Advisors LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 16.3% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,160 shares of the software company’s stock after purchasing an additional 163 shares during the period. Key Client Fiduciary Advisors LLC’s holdings in Adobe were worth $644,000 at the end of the most recent quarter.

Several other hedge funds have also modified their holdings of ADBE. Ballast Advisors LLC boosted its stake in Adobe by 28.8% in the 4th quarter. Ballast Advisors LLC now owns 1,539 shares of the software company’s stock worth $918,000 after purchasing an additional 344 shares during the period. International Assets Investment Management LLC acquired a new stake in shares of Adobe in the fourth quarter worth $1,468,000. Outlook Wealth Advisors LLC grew its holdings in shares of Adobe by 8.6% during the fourth quarter. Outlook Wealth Advisors LLC now owns 519 shares of the software company’s stock valued at $310,000 after buying an additional 41 shares in the last quarter. Sumitomo Life Insurance Co. raised its position in Adobe by 36.8% during the fourth quarter. Sumitomo Life Insurance Co. now owns 16,126 shares of the software company’s stock valued at $9,621,000 after buying an additional 4,336 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. lifted its stake in Adobe by 20.8% in the 4th quarter. Harel Insurance Investments & Financial Services Ltd. now owns 11,449 shares of the software company’s stock worth $6,823,000 after acquiring an additional 1,970 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Price Performance

Shares of ADBE stock traded up $4.57 during trading hours on Wednesday, reaching $539.79. 1,915,323 shares of the company were exchanged, compared to its average volume of 3,323,331. The stock’s fifty day moving average is $533.59 and its two-hundred day moving average is $523.98. 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 company has a market cap of $239.34 billion, a price-to-earnings ratio of 48.50, a P/E/G ratio of 2.85 and a beta of 1.30. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25.

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

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on the company. Wells Fargo & Company lifted their target price on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research note on Friday, June 14th. Robert W. Baird lifted their price objective on Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a research report on Friday, June 14th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $600.00 target price on shares of Adobe in a research report on Thursday, August 1st. Evercore ISI reiterated an “outperform” rating and set a $650.00 price target on shares of Adobe in a report on Friday, June 7th. Finally, Sanford C. Bernstein boosted their price target on Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research note on Monday, June 17th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have given a buy rating to the stock. According to MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $601.38.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $258,297.00. Following the transaction, the executive vice president now directly owns 19,658 shares in the company, valued at $10,556,346. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The disclosure for this sale can be found here. Insiders have sold a total of 27,523 shares of company stock valued at $14,994,277 over the last 90 days. 0.15% of the stock is owned by corporate insiders.

About Adobe

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.