Synergy Asset Management LLC Invests $208,000 in Adobe Inc. (NASDAQ:ADBE)

Synergy Asset Management LLC purchased a new stake in Adobe Inc. (NASDAQ:ADBE) in the 2nd quarter, HoldingsChannel reports. The firm purchased 375 shares of the software company’s stock, valued at approximately $208,000.

A number of other large investors also recently bought and sold shares of ADBE. Vanguard Group Inc. boosted its holdings in Adobe by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock worth $20,511,473,000 after buying an additional 382,803 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in Adobe by 17.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after purchasing an additional 1,146,718 shares in the last quarter. Norges Bank acquired a new stake in Adobe during the 4th quarter worth $3,277,785,000. Concentrum Wealth Management grew its holdings in shares of Adobe by 11.3% during the fourth quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock worth $1,435,194,000 after buying an additional 244,008 shares in the last quarter. Finally, Brown Advisory Inc. lifted its stake in shares of 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 buying an additional 122,738 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other Adobe news, CAO Mark S. Garfield sold 264 shares of the 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 transaction, the chief accounting officer now directly owns 2,740 shares in the company, valued at $1,439,897.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $1,439,897.40. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,523 shares of company stock valued at $14,994,277. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Down 0.8 %

ADBE stock opened at $563.41 on Friday. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company’s 50 day moving average price is $553.72 and its 200 day moving average price is $519.38. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The firm has a market capitalization of $249.82 billion, a price-to-earnings ratio of 50.62, a PEG ratio of 3.00 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data 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 business had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period in the previous year, the company earned $3.04 EPS. On average, equities research analysts anticipate that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have commented on ADBE shares. Stifel Nicolaus increased their price objective on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday. Wells Fargo & Company boosted their price objective 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 target price for the stock from $570.00 to $580.00 in a research note on Friday, June 14th. Barclays boosted their price target on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Oppenheimer raised their price objective on shares of Adobe from $580.00 to $625.00 and gave the stock an “outperform” rating in a research report on Wednesday. Two equities 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 stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $605.52.

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.