Rovin Capital UT ADV Makes New $404,000 Investment in Adobe Inc. (NASDAQ:ADBE)

Rovin Capital UT ADV acquired a new stake in shares of Adobe Inc. (NASDAQ:ADBE) during the 2nd quarter, Holdings Channel.com reports. The institutional investor acquired 727 shares of the software company’s stock, valued at approximately $404,000.

A number of other large investors also recently modified their holdings of ADBE. Evolution Advisers Inc. raised its stake in shares of Adobe by 14.3% during the fourth quarter. Evolution Advisers Inc. now owns 136 shares of the software company’s stock worth $79,000 after acquiring an additional 17 shares in the last quarter. Sound View Wealth Advisors Group LLC raised its position in Adobe by 2.5% in the 4th quarter. Sound View Wealth Advisors Group LLC now owns 696 shares of the software company’s stock worth $415,000 after purchasing an additional 17 shares during the period. Wade G W & Inc. lifted its stake in Adobe by 0.5% in the fourth quarter. Wade G W & Inc. now owns 3,712 shares of the software company’s stock worth $2,215,000 after purchasing an additional 18 shares during the last quarter. Invst LLC boosted its position in Adobe by 2.1% during the fourth quarter. Invst LLC now owns 934 shares of the software company’s stock valued at $567,000 after buying an additional 19 shares during the period. Finally, PSI Advisors LLC grew its stake in shares of Adobe by 7.1% during the fourth quarter. PSI Advisors LLC now owns 300 shares of the software company’s stock valued at $179,000 after buying an additional 20 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, EVP Scott Belsky sold 481 shares of the stock in a transaction 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 directly owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Scott Belsky sold 481 shares of the 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 transaction, the executive vice president now owns 19,658 shares in the company, valued at approximately $10,556,346. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following 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 quarter, insiders sold 27,523 shares of company stock valued at $14,994,277. Company insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of Adobe stock traded down $0.70 during trading on Friday, hitting $553.46. 1,541,726 shares of the company’s stock traded hands, compared to its average volume of 3,304,834. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The business has a 50-day simple moving average of $537.27 and a 200-day simple moving average of $523.66. The stock has a market capitalization of $245.40 billion, a P/E ratio of 49.73, a PEG ratio of 2.85 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. During the same quarter last year, the firm posted $3.04 EPS. The business’s quarterly revenue was up 10.2% compared to the same quarter last year. As a group, analysts forecast that Adobe Inc. will post 14.69 EPS for the current year.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of recent research reports. Sanford C. Bernstein boosted their target price on Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research note on Monday, June 17th. Melius Research reissued a “hold” rating and set a $510.00 price objective on shares of Adobe in a research note on Monday, June 10th. Wells Fargo & Company raised their target price on shares of Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. Evercore ISI reiterated an “outperform” rating and set a $650.00 price target on shares of Adobe in a report on Friday, June 7th. Finally, StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a report on Thursday. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $601.38.

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.