Hall Capital Management Co. Inc. Acquires Shares of 403 Adobe Inc. (NASDAQ:ADBE)

Hall Capital Management Co. Inc. acquired a new stake in shares of Adobe Inc. (NASDAQ:ADBE) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 403 shares of the software company’s stock, valued at approximately $224,000.

A number of other institutional investors have also modified their holdings of the stock. Vanguard Group Inc. lifted its stake in shares of Adobe by 1.0% in the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock valued at $20,511,473,000 after purchasing an additional 382,803 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Adobe by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after buying an additional 1,146,718 shares during the last quarter. Norges Bank acquired a new position in Adobe in the 4th quarter valued at $3,277,785,000. Fisher Asset Management LLC lifted its holdings in shares of Adobe by 0.4% during the 4th quarter. Fisher Asset Management LLC now owns 4,560,086 shares of the software company’s stock worth $2,720,548,000 after acquiring an additional 16,379 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in Adobe by 2.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,602,297 shares of the software company’s stock worth $1,552,530,000 after purchasing an additional 66,180 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Sanford C. Bernstein upped their price target on shares of Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a research report on Monday, June 17th. Evercore ISI restated an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research note on Friday, June 7th. Citigroup reduced their target price on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating for the company in a research note on Monday, June 10th. KeyCorp boosted their price target on Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research report on Friday, June 14th. Finally, Oppenheimer reiterated an “outperform” rating and set a $580.00 price target on shares of Adobe in a research report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $601.38.

Adobe Price Performance

Adobe stock traded up $8.38 during mid-day trading on Tuesday, hitting $567.82. 1,403,062 shares of the company traded hands, compared to its average volume of 3,228,181. The stock has a fifty day moving average price of $546.89 and a 200-day moving average price of $519.69. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The stock has a market cap of $251.77 billion, a price-to-earnings ratio of 51.02, a price-to-earnings-growth 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.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data 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 for the quarter, compared to analyst estimates of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company’s revenue was up 10.2% on a year-over-year basis. During the same period in the prior year, the company earned $3.04 EPS. On average, equities analysts predict that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 97 shares of Adobe 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 transaction, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,501,989. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the transaction, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction 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 disclosure for this sale can be found here. In the last ninety days, insiders sold 27,523 shares of company stock worth $14,994,277. 0.15% of the stock is currently owned by insiders.

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.