Rockline Wealth Management LLC Purchases 53 Shares of Adobe Inc. (NASDAQ:ADBE)

Rockline Wealth Management LLC raised its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.2% in the second quarter, Holdings Channel reports. The fund owned 2,507 shares of the software company’s stock after buying an additional 53 shares during the quarter. Rockline Wealth Management LLC’s holdings in Adobe were worth $1,392,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently made changes to their positions in ADBE. Vanguard Group Inc. raised its stake in Adobe by 1.0% during the 1st 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 last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Adobe by 17.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after purchasing an additional 1,146,718 shares during the period. Norges Bank acquired a new position in shares of Adobe during the fourth quarter valued at about $3,277,785,000. Charles Schwab Investment Management Inc. raised its position in shares of 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 valued at $1,552,530,000 after buying an additional 66,180 shares during the last quarter. Finally, Concentrum Wealth Management lifted its stake in shares of Adobe by 11.3% in the fourth quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock valued at $1,435,194,000 after buying an additional 244,008 shares during the period. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction on Monday, July 15th. The stock was sold at an average price of $560.23, for a total value of $857,151.90. Following the completion of the sale, the executive vice president now directly owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $560.23, for a total transaction of $857,151.90. Following the transaction, the executive vice president now owns 20,359 shares of the company’s stock, valued at $11,405,722.57. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 264 shares of Adobe 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 disclosure for this sale can be found here. Insiders sold 27,523 shares of company stock worth $14,994,277 in the last quarter. Insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on ADBE. Stifel Nicolaus cut their price target on Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a report on Friday, June 7th. Oppenheimer restated an “outperform” rating and issued a $580.00 target price on shares of Adobe in a research note on Friday, June 14th. Royal Bank of Canada reiterated an “outperform” rating and set a $600.00 price target on shares of Adobe in a research note on Thursday, August 1st. Melius lowered shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target on the stock. in a report on Monday, June 10th. Finally, KeyCorp raised their price objective on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $601.38.

Adobe Price Performance

Shares of Adobe stock traded up $4.78 during trading on Monday, reaching $574.41. The company’s stock had a trading volume of 1,982,900 shares, compared to its average volume of 3,201,662. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The stock has a 50-day moving average price of $550.32 and a two-hundred day moving average price of $518.47. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $254.69 billion, a P/E ratio of 51.61, a price-to-earnings-growth ratio of 3.00 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last announced its earnings results 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 company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. During the same period in the previous year, the firm posted $3.04 earnings per share. The company’s revenue was up 10.2% on a year-over-year basis. As a group, sell-side analysts anticipate that Adobe Inc. will post 14.69 EPS for the current fiscal year.

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.