Sather Financial Group Inc Increases Stake in Adobe Inc. (NASDAQ:ADBE)

Sather Financial Group Inc lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 4.0% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 104,409 shares of the software company’s stock after purchasing an additional 4,032 shares during the period. Adobe accounts for approximately 4.0% of Sather Financial Group Inc’s portfolio, making the stock its 8th largest position. Sather Financial Group Inc’s holdings in Adobe were worth $58,003,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of ADBE. Tradewinds Capital Management LLC increased its stake 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 buying an additional 40 shares during the period. Salomon & Ludwin LLC boosted its position in Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after acquiring an additional 45 shares in the last quarter. Steph & Co. grew its holdings 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 acquiring an additional 30 shares during the period. Lynx Investment Advisory bought a new position in shares of Adobe in the 2nd quarter worth approximately $39,000. Finally, Hobbs Group Advisors LLC purchased a new position in shares of Adobe in the 2nd quarter valued at approximately $39,000. 81.79% of the stock is owned by institutional investors.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the sale, the chief accounting officer now directly owns 2,740 shares in the company, valued at $1,439,897.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following 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 Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was 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 owns 2,797 shares of the company’s stock, valued at $1,501,989. The disclosure for this sale can be found here. Insiders have sold 27,523 shares of company stock worth $14,994,277 in the last quarter. Company insiders own 0.15% of the company’s stock.

Adobe Stock Performance

ADBE traded up $0.86 during mid-day trading on Friday, reaching $558.30. 2,021,688 shares of the company traded hands, compared to its average volume of 3,250,660. The company’s fifty day moving average price is $546.08 and its 200-day moving average price is $521.35. The stock has a market capitalization of $247.55 billion, a P/E ratio of 50.16, a P/E/G ratio of 2.85 and a beta of 1.30. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25.

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

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ADBE. Piper Sandler reduced their price target on Adobe from $700.00 to $635.00 and set an “overweight” rating on the stock in a research note on Friday, July 12th. Mizuho reiterated a “buy” rating and issued a $640.00 price target (down from $680.00) on shares of Adobe in a research note on Friday, June 7th. Citigroup dropped their price objective on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a research note on Monday, June 10th. KeyCorp raised their target price on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research note on Friday, June 14th. Finally, Oppenheimer restated an “outperform” rating and issued a $580.00 price target on shares of Adobe in a research note on Friday, June 14th. Two equities 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 company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $601.38.

Adobe Company 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.