First Pacific Financial Purchases 130 Shares of Adobe Inc. (NASDAQ:ADBE)

First Pacific Financial increased its position in Adobe Inc. (NASDAQ:ADBE) by 5.7% in the 2nd quarter, Holdings Channel reports. The firm owned 2,420 shares of the software company’s stock after buying an additional 130 shares during the quarter. First Pacific Financial’s holdings in Adobe were worth $1,344,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Tradewinds Capital Management LLC lifted its holdings in shares of Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares during the period. Salomon & Ludwin LLC lifted its holdings in shares of Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after acquiring an additional 45 shares during the period. Wetzel Investment Advisors Inc. bought a new position in shares of Adobe during the fourth quarter valued at $35,000. Steph & Co. lifted its holdings in shares of Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after acquiring an additional 30 shares during the period. Finally, Lynx Investment Advisory bought a new position in shares of Adobe during the second quarter valued at $39,000. 81.79% of the stock is owned by institutional investors.

Insider Activity

In other news, CAO Mark S. Garfield sold 264 shares of the stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the sale, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CAO Mark S. Garfield sold 264 shares of the stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the sale, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated 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 sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,523 shares of company stock valued at $14,994,277. Company insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. BMO Capital Markets raised their target price on Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research note on Friday, June 14th. Wells Fargo & Company raised 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. JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and raised their target price for the company from $570.00 to $580.00 in a research note on Friday, June 14th. Barclays raised their target price on Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a research note on Friday, June 14th. Finally, Sanford C. Bernstein raised their target price on Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research note on Monday, June 17th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $601.38.

Adobe Trading Up 1.7 %

Adobe stock traded up $9.66 during trading hours on Monday, hitting $563.12. The stock had a trading volume of 1,422,554 shares, compared to its average volume of 3,292,988. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock has a market cap of $249.69 billion, a price-to-earnings ratio of 50.59, a P/E/G ratio of 2.85 and a beta of 1.30. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The business’s 50 day simple moving average is $539.34 and its 200-day simple moving average is $521.80.

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

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.