Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Columbia Asset Management

Columbia Asset Management boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 1.6% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 16,020 shares of the software company’s stock after purchasing an additional 253 shares during the quarter. Adobe comprises 1.6% of Columbia Asset Management’s portfolio, making the stock its 11th largest position. Columbia Asset Management’s holdings in Adobe were worth $8,900,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently bought and sold shares of ADBE. Vise Technologies Inc. increased its holdings in Adobe by 267.3% in the 4th quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock valued at $4,635,000 after purchasing an additional 5,654 shares in the last quarter. Steph & Co. raised 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 valued at $39,000 after buying an additional 30 shares during the period. International Assets Investment Management LLC lifted its position in Adobe by 16.2% during the 1st quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock worth $1,435,000 after acquiring an additional 398 shares in the last quarter. Choreo LLC boosted its holdings in Adobe by 4.7% in the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock worth $2,236,000 after acquiring an additional 197 shares during the period. Finally, Eagle Asset Management Inc. grew its position in Adobe by 14.7% in the fourth quarter. Eagle Asset Management Inc. now owns 24,400 shares of the software company’s stock valued at $14,557,000 after acquiring an additional 3,120 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on ADBE. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Friday, June 14th. Wells Fargo & Company increased their price target on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Mizuho restated a “buy” rating and set a $640.00 price objective (down from $680.00) on shares of Adobe in a report on Friday, June 7th. Oppenheimer upped their target price on Adobe from $580.00 to $625.00 and gave the company an “outperform” rating in a research report on Wednesday. Finally, Evercore ISI reissued an “outperform” rating and set a $650.00 price target on shares of Adobe in a research report on Friday, June 7th. Two equities 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, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $603.79.

Adobe Trading Down 1.3 %

NASDAQ ADBE opened at $567.93 on Friday. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The firm’s fifty day simple moving average is $553.57 and its 200-day simple moving average is $519.26. The company has a market capitalization of $251.82 billion, a PE ratio of 51.03, a price-to-earnings-growth ratio of 3.00 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.39 by $0.09. The company 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 business’s revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $3.04 EPS. As a group, sell-side analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Insider Activity at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Adobe 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 transaction of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction on 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 owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 27,523 shares of company stock valued at $14,994,277. Insiders own 0.15% of the company’s stock.

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.