Weaver Capital Management LLC Buys 1,142 Shares of Adobe Inc. (NASDAQ:ADBE)

Weaver Capital Management LLC grew its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 30.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,864 shares of the software company’s stock after buying an additional 1,142 shares during the period. Adobe accounts for about 0.9% of Weaver Capital Management LLC’s investment portfolio, making the stock its 29th largest position. Weaver Capital Management LLC’s holdings in Adobe were worth $2,702,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. increased its position in Adobe by 1.0% in the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock worth $20,511,473,000 after purchasing an additional 382,803 shares during the last quarter. Price T Rowe Associates Inc. MD increased its position in Adobe by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after purchasing an additional 1,146,718 shares during the last quarter. Norges Bank bought a new stake in Adobe in the fourth quarter worth $3,277,785,000. Concentrum Wealth Management increased its position in Adobe by 11.3% in the fourth quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock worth $1,435,194,000 after purchasing an additional 244,008 shares during the last quarter. Finally, Brown Advisory Inc. increased its position in Adobe by 5.4% in the fourth quarter. Brown Advisory Inc. now owns 2,388,198 shares of the software company’s stock worth $1,424,799,000 after purchasing an additional 122,738 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Activity

In other 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 transaction of $138,734.64. Following the transaction, the chief accounting officer now owns 2,740 shares in the company, valued at approximately $1,439,897.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction 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 transaction, 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 worth $14,994,277 in the last quarter. Corporate insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Mizuho reiterated a “buy” rating and set a $640.00 price objective (down previously from $680.00) on shares of Adobe in a research report on Friday, June 7th. Citigroup cut their price objective on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a research report on Monday, June 10th. Piper Sandler Companies reiterated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research report on Friday, July 12th. Royal Bank of Canada reiterated an “outperform” rating and set a $600.00 price objective on shares of Adobe in a research report on Thursday, August 1st. Finally, Barclays boosted their price objective on shares of Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $602.93.

Adobe Stock Performance

ADBE stock opened at $574.80 on Wednesday. The firm has a market cap of $254.87 billion, a price-to-earnings ratio of 51.31, a PEG ratio of 3.00 and a beta of 1.30. The firm has a 50-day simple moving average of $552.21 and a two-hundred day simple moving average of $518.52. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16.

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

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.