Adobe Inc. (NASDAQ:ADBE) Shares Acquired by RPG Investment Advisory LLC

RPG Investment Advisory LLC lifted its holdings in Adobe Inc. (NASDAQ:ADBE) by 1.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 23,068 shares of the software company’s stock after purchasing an additional 338 shares during the period. Adobe comprises about 1.9% of RPG Investment Advisory LLC’s portfolio, making the stock its 18th largest holding. RPG Investment Advisory LLC’s holdings in Adobe were worth $12,815,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Tradewinds Capital Management LLC lifted its position in shares of Adobe by 266.7% during the 1st 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 in the last quarter. Salomon & Ludwin LLC raised its position in Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after acquiring an additional 45 shares during the period. Summit Securities Group LLC purchased a new position in Adobe during the second quarter valued at $33,000. Steph & Co. grew its position in shares of Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares during the period. Finally, Lynx Investment Advisory purchased a new stake in shares of Adobe during the second quarter worth about $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Sanford C. Bernstein raised their price target on shares of Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research note on Monday, June 17th. Piper Sandler lowered 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. Royal Bank of Canada reissued an “outperform” rating and issued a $600.00 price objective on shares of Adobe in a research note on Thursday, August 1st. Melius Research reaffirmed a “hold” rating and set a $510.00 target price on shares of Adobe in a research note on Monday, June 10th. Finally, StockNews.com cut shares of Adobe from a “buy” rating to a “hold” rating in a research report on Friday, August 23rd. Two equities 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 company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $605.52.

Adobe Stock Performance

ADBE opened at $569.88 on Tuesday. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The stock has a market cap of $252.68 billion, a P/E ratio of 51.20, a P/E/G ratio of 2.94 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The stock’s 50 day simple moving average is $553.92 and its 200 day simple moving average is $519.31.

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. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. During the same period last year, the company posted $3.04 EPS. The business’s quarterly revenue was up 10.2% on a year-over-year basis. As a group, equities analysts anticipate that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 264 shares of the stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the transaction, the chief accounting officer now owns 2,740 shares in the company, valued at $1,439,897.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Adobe news, CAO Mark S. Garfield sold 151 shares of the 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 transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 264 shares of the business’s 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 completion of the sale, the chief accounting officer now owns 2,740 shares in the company, valued at approximately $1,439,897.40. The disclosure for this sale can be found here. Insiders have sold 27,523 shares of company stock valued at $14,994,277 in the last quarter. Insiders own 0.15% of the company’s stock.

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.