EP Wealth Advisors LLC Buys 356 Shares of Adobe Inc. (NASDAQ:ADBE)

EP Wealth Advisors LLC increased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 4.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,939 shares of the software company’s stock after purchasing an additional 356 shares during the quarter. EP Wealth Advisors LLC’s holdings in Adobe were worth $4,966,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of ADBE. Tradewinds Capital Management LLC increased its stake 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 buying an additional 40 shares during the period. Salomon & Ludwin LLC boosted its holdings in Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after acquiring an additional 45 shares during the last quarter. Summit Securities Group LLC acquired a new stake in Adobe in the second quarter worth about $33,000. Steph & Co. raised its holdings 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 purchasing an additional 30 shares during the last quarter. Finally, Lynx Investment Advisory acquired a new position in Adobe during the 2nd quarter valued at about $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insiders Place Their Bets

In other news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the transaction, the chief financial officer now owns 20,838 shares in the company, valued at approximately $10,740,738.72. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The disclosure for this sale can be found here. Insiders have sold 33,759 shares of company stock valued at $17,642,653 in the last three months. 0.15% of the stock is currently owned by corporate insiders.

Adobe Stock Up 0.4 %

Shares of Adobe stock opened at $517.78 on Tuesday. The firm has a market cap of $229.58 billion, a PE ratio of 46.52, a P/E/G ratio of 2.72 and a beta of 1.29. The business’s 50 day simple moving average is $544.38 and its 200 day simple moving average is $516.45. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.11. Adobe Inc. has a 52-week low of $433.97 and a 52-week 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 (EPS) for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same period last year, the company earned $3.26 earnings per share. The firm’s revenue was up 10.6% compared to the same quarter last year. On average, analysts predict that Adobe Inc. will post 14.79 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Mizuho reissued a “buy” rating and set a $640.00 price target (down from $680.00) on shares of Adobe in a research note on Friday, June 7th. 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 report on Friday, June 14th. Oppenheimer restated an “outperform” rating and issued a $625.00 price target on shares of Adobe in a research report on Friday, September 13th. TD Cowen decreased their price objective on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research note on Monday, June 10th. Finally, Piper Sandler Companies reissued an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research note on Friday, July 12th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

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.