Atlas Capital Advisors LLC Grows Holdings in Adobe Inc. (NASDAQ:ADBE)

Atlas Capital Advisors LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 10.4% in the first quarter, according to its most recent filing with the SEC. The fund owned 466 shares of the software company’s stock after acquiring an additional 44 shares during the period. Atlas Capital Advisors LLC’s holdings in Adobe were worth $235,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ADBE. Eagle Rock Investment Company LLC boosted its holdings in Adobe by 3.2% during the 1st quarter. Eagle Rock Investment Company LLC now owns 12,055 shares of the software company’s stock valued at $6,083,000 after acquiring an additional 374 shares during the period. CFM Wealth Partners LLC increased its stake in shares of Adobe by 213.8% during the first quarter. CFM Wealth Partners LLC now owns 2,730 shares of the software company’s stock valued at $1,378,000 after buying an additional 1,860 shares during the period. Sound Income Strategies LLC lifted its stake in Adobe by 71.8% in the first quarter. Sound Income Strategies LLC now owns 390 shares of the software company’s stock worth $197,000 after acquiring an additional 163 shares during the period. Richelieu Gestion SA boosted its holdings in Adobe by 3.7% in the first quarter. Richelieu Gestion SA now owns 4,816 shares of the software company’s stock valued at $2,430,000 after acquiring an additional 173 shares in the last quarter. Finally, Security National Bank increased its position in Adobe by 2.1% during the 1st quarter. Security National Bank now owns 13,665 shares of the software company’s stock valued at $6,895,000 after purchasing an additional 286 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Adobe

In other news, CAO Mark S. Garfield sold 264 shares of the company’s 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 sale, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CAO Mark S. Garfield sold 264 shares of the company’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 sale, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 96 shares of the stock in a transaction on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total transaction of $45,120.00. Following the transaction, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at approximately $1,940,160. The disclosure for this sale can be found here. Insiders sold 3,270 shares of company stock worth $1,563,166 in the last quarter. 0.15% of the stock is owned by corporate insiders.

Adobe Trading Up 3.4 %

Shares of NASDAQ:ADBE opened at $546.76 on Friday. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a market cap of $244.95 billion, a PE ratio of 49.00, a price-to-earnings-growth ratio of 2.75 and a beta of 1.27. The stock has a 50 day moving average of $481.75 and a 200 day moving average of $535.99. The company has a current ratio of 1.16, a quick ratio of 1.05 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.39 by $0.09. The firm had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm’s revenue was up 10.2% on a year-over-year basis. During the same quarter last year, the business posted $3.04 earnings per share. As a group, equities research analysts expect that Adobe Inc. will post 14.69 EPS for the current year.

Adobe announced that its Board of Directors has initiated a share buyback program on Thursday, March 14th that allows the company to buyback $25.00 billion in shares. This buyback authorization allows the software company to repurchase up to 10.8% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on ADBE shares. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Friday, June 14th. Wells Fargo & Company upped their price target on Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $570.00 to $580.00 in a research report on Friday, June 14th. Barclays upped their target price on shares of Adobe from $630.00 to $650.00 and gave the stock an “overweight” rating in a research report on Friday, June 14th. Finally, TheStreet cut shares of Adobe from a “b-” rating to a “c+” rating in a research report on Tuesday, March 19th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $607.67.

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.