Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Hennion & Walsh Asset Management Inc.

Hennion & Walsh Asset Management Inc. grew its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 23.7% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 10,789 shares of the software company’s stock after buying an additional 2,069 shares during the quarter. Hennion & Walsh Asset Management Inc.’s holdings in Adobe were worth $5,994,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Tradewinds Capital Management LLC raised its position in shares of Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after buying an additional 40 shares in the last quarter. Salomon & Ludwin LLC raised its position in shares of Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after buying an additional 45 shares in the last quarter. Wetzel Investment Advisors Inc. bought a new stake in shares of Adobe during the 4th quarter worth about $35,000. Steph & Co. raised its position in shares of Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares in the last quarter. Finally, Lynx Investment Advisory bought a new stake in shares of Adobe in the 2nd quarter worth approximately $39,000. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Performance

Shares of Adobe stock traded up $6.37 on Monday, reaching $559.83. The stock had a trading volume of 569,890 shares, compared to its average volume of 3,287,634. The business’s 50-day moving average price is $537.27 and its two-hundred day moving average price is $522.26. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The stock has a market cap of $248.23 billion, a P/E ratio of 49.73, a price-to-earnings-growth ratio of 2.85 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data 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 business had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. During the same period in the previous year, the company earned $3.04 earnings per share. Adobe’s revenue for the quarter was up 10.2% on a year-over-year basis. On average, sell-side analysts forecast that Adobe Inc. will post 14.69 EPS for the current year.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,579,186.20. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CAO Mark S. Garfield sold 264 shares of the stock in a transaction 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 completion of the transaction, the chief accounting officer now owns 2,740 shares in the company, valued at approximately $1,439,897.40. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,579,186.20. The disclosure for this sale can be found here. Insiders sold a total of 27,523 shares of company stock worth $14,994,277 in the last ninety days. 0.15% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. BMO Capital Markets boosted their target price on shares of Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a report on Friday, June 14th. TD Cowen dropped their target price on shares of Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a report on Monday, June 10th. KeyCorp boosted their target price on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a report on Friday, June 14th. Sanford C. Bernstein boosted their target price on shares of Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a report on Monday, June 17th. Finally, Robert W. Baird boosted their price target on shares of Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and an average target price of $601.38.

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.