Valley Wealth Managers Inc. Boosts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Valley Wealth Managers Inc. lifted its position in Adobe Inc. (NASDAQ:ADBE) by 35.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,336 shares of the software company’s stock after acquiring an additional 348 shares during the period. Valley Wealth Managers Inc.’s holdings in Adobe were worth $742,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also modified their holdings of ADBE. Tradewinds Capital Management LLC grew its stake in 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 acquiring an additional 40 shares in the last quarter. Salomon & Ludwin LLC grew its position in shares of Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares in the last quarter. Summit Securities Group LLC acquired a new stake in shares of Adobe in the second quarter valued at approximately $33,000. Steph & Co. lifted its position in Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares in the last quarter. Finally, Lynx Investment Advisory acquired a new position in Adobe during the second quarter worth $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Performance

Shares of ADBE opened at $536.87 on Friday. The company has a market capitalization of $238.05 billion, a price-to-earnings ratio of 48.24, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock has a 50 day moving average price of $553.76 and a 200 day moving average price of $520.19.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the prior year, the business posted $3.26 EPS. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. Research analysts predict that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $258,297.00. Following the transaction, the executive vice president now owns 19,658 shares in the company, valued at approximately $10,556,346. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CAO Mark S. Garfield sold 97 shares of the firm’s 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 transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the sale, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at $10,556,346. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 27,523 shares of company stock worth $14,994,277. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Friday. Robert W. Baird boosted their target price on shares of Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a report on Friday, June 14th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 price target on shares of Adobe in a research report on Friday. Melius Research reiterated a “hold” rating and issued a $510.00 price objective on shares of Adobe in a research report on Monday, June 10th. Finally, JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and upped their price target for the company from $570.00 to $580.00 in a research note on Friday, June 14th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average price target of $608.83.

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.