563 Shares in Adobe Inc. (NASDAQ:ADBE) Acquired by New Wave Wealth Advisors LLC

New Wave Wealth Advisors LLC bought a new stake in Adobe Inc. (NASDAQ:ADBE) during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund bought 563 shares of the software company’s stock, valued at approximately $313,000.

Several other large investors have also modified their holdings of ADBE. Tradewinds Capital Management LLC increased its stake in Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after purchasing an additional 40 shares during the period. Salomon & Ludwin LLC lifted its holdings 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 buying an additional 45 shares in the last quarter. Summit Securities Group LLC purchased a new position in Adobe in the 2nd quarter valued at approximately $33,000. Steph & Co. grew its stake in shares of Adobe by 63.8% in the first 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 purchased a new stake in shares of Adobe during the second quarter worth $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on ADBE shares. Argus upgraded Adobe to a “strong-buy” rating in a report on Monday, September 16th. Robert W. Baird boosted their price target on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a report on Friday, June 14th. Melius Research restated a “hold” rating and issued a $510.00 price objective on shares of Adobe in a report on Monday, June 10th. Bank of America reiterated a “buy” rating and set a $640.00 target price on shares of Adobe in a research note on Friday, September 13th. Finally, Stifel Nicolaus raised their price target on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $606.40.

Insider Buying and Selling

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $560.23, for a total transaction of $857,151.90. Following the sale, the executive vice president now owns 20,359 shares in the company, valued at $11,405,722.57. The disclosure for this sale can be found here. Insiders sold 33,759 shares of company stock valued at $17,642,653 over the last ninety days. Corporate insiders own 0.15% of the company’s stock.

Adobe Trading Up 0.4 %

Shares of ADBE stock opened at $517.78 on Tuesday. The company has a market capitalization of $229.58 billion, a P/E ratio of 46.52, a price-to-earnings-growth ratio of 2.72 and a beta of 1.29. The company has a current ratio of 1.11, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The business’s 50 day moving average is $544.38 and its two-hundred day moving average is $516.45. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. Adobe’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the firm posted $3.26 EPS. Equities analysts forecast that Adobe Inc. will post 14.79 EPS for the current 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.