Hobbs Group Advisors LLC Purchases Shares of 71 Adobe Inc. (NASDAQ:ADBE)

Hobbs Group Advisors LLC purchased a new stake in Adobe Inc. (NASDAQ:ADBE) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 71 shares of the software company’s stock, valued at approximately $39,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Tradewinds Capital Management LLC raised its holdings in shares of Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares in the last quarter. Salomon & Ludwin LLC raised its stake in Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after acquiring an additional 45 shares in the last quarter. Wetzel Investment Advisors Inc. acquired a new stake in Adobe during the 4th quarter worth $35,000. Steph & Co. raised its stake in Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after acquiring an additional 30 shares in the last quarter. Finally, Lynx Investment Advisory acquired a new stake in Adobe during the 2nd quarter worth $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 0.1 %

Shares of ADBE traded down $0.58 during midday trading on Wednesday, hitting $561.67. The stock had a trading volume of 309,795 shares, compared to its average volume of 3,261,593. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The business has a 50-day simple moving average of $541.33 and a two-hundred day simple moving average of $521.29. The firm has a market cap of $249.04 billion, a P/E ratio of 50.52, a price-to-earnings-growth ratio of 2.85 and a beta of 1.30. 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 (NASDAQ:ADBE) last announced its earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate 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 analysts’ expectations of $5.29 billion. During the same period last year, the company posted $3.04 earnings per share. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, equities analysts forecast that Adobe Inc. will post 14.69 EPS for the current year.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction that occurred on Monday, June 17th. The shares were 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 directly 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 through this hyperlink. In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction on Monday, June 17th. The stock was 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 of the company’s stock, valued at $1,439,897.40. The disclosure for this sale can be found here. Insiders sold a total of 27,523 shares of company stock worth $14,994,277 over the last ninety days. 0.15% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Evercore ISI restated an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a research note on Friday, June 7th. Citigroup decreased their price objective on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating for the company in a research note on Monday, June 10th. Robert W. Baird upped their target price on shares of Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a research note on Friday, June 14th. Oppenheimer restated an “outperform” rating and issued a $580.00 target price on shares of Adobe in a research note on Friday, June 14th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $600.00 target price on shares of Adobe in a research note on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $601.38.

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.