Troy Asset Management Ltd Purchases 18,366 Shares of Adobe Inc. (NASDAQ:ADBE)

Troy Asset Management Ltd increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 57.1% in the second quarter, HoldingsChannel reports. The firm owned 50,526 shares of the software company’s stock after buying an additional 18,366 shares during the period. Adobe makes up 0.9% of Troy Asset Management Ltd’s portfolio, making the stock its 25th largest position. Troy Asset Management Ltd’s holdings in Adobe were worth $28,069,000 at the end of the most recent reporting period.

Other institutional investors have also recently bought and sold shares of the company. Tradewinds Capital Management LLC increased its holdings in shares of Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after acquiring an additional 40 shares during the last quarter. Salomon & Ludwin LLC increased its holdings in shares of 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 purchasing an additional 45 shares during the last quarter. Summit Securities Group LLC bought a new position in shares of Adobe in the second quarter valued at about $33,000. Steph & Co. lifted its stake in shares of Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares during the last quarter. Finally, Lynx Investment Advisory bought a new stake in shares of Adobe during the 2nd quarter worth about $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Trading Up 0.4 %

ADBE opened at $517.78 on Tuesday. The company has a market cap of $229.58 billion, a P/E ratio of 46.52, a PEG 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 company’s 50 day moving average is $544.38 and its 200-day moving average is $516.45. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last issued its earnings results 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%. The company’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the business posted $3.26 earnings per share. Equities research analysts predict that Adobe Inc. will post 14.79 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have weighed in on ADBE shares. TD Cowen lowered their price target on shares of Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a report on Monday, June 10th. BMO Capital Markets lifted their price target on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a report on Friday, June 14th. Bank of America reaffirmed a “buy” rating and issued a $640.00 price objective on shares of Adobe in a report on Friday, September 13th. Oppenheimer reiterated an “outperform” rating and set a $625.00 price objective on shares of Adobe in a research report on Friday, September 13th. Finally, Robert W. Baird boosted 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. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Insider Buying and Selling

In other news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CAO Mark S. Garfield sold 97 shares of the firm’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 transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of Adobe 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 transaction, the executive vice president now owns 20,359 shares in the company, valued at approximately $11,405,722.57. The disclosure for this sale can be found here. Insiders have sold 33,759 shares of company stock worth $17,642,653 in the last 90 days. Insiders own 0.15% of the company’s stock.

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.