Callan Capital LLC Purchases 305 Shares of Adobe Inc. (NASDAQ:ADBE)

Callan Capital LLC boosted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 11.9% in the 2nd quarter, HoldingsChannel.com reports. The firm owned 2,859 shares of the software company’s stock after buying an additional 305 shares during the quarter. Callan Capital LLC’s holdings in Adobe were worth $1,588,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in ADBE. Vanguard Group Inc. lifted its holdings in Adobe by 1.0% in the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock valued at $20,511,473,000 after buying an additional 382,803 shares during the period. Price T Rowe Associates Inc. MD raised its position in shares of Adobe by 17.6% during 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 acquiring an additional 1,146,718 shares during the last quarter. Concentrum Wealth Management lifted its stake in shares of Adobe by 11.3% in the 4th quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock valued at $1,435,194,000 after purchasing an additional 244,008 shares during the period. Wellington Management Group LLP lifted its stake in Adobe by 1,213.5% in the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after buying an additional 1,870,307 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in Adobe by 0.6% during the 2nd quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock worth $1,097,475,000 after acquiring an additional 12,065 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms have weighed in on ADBE. Robert W. Baird increased their target price on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a report on Friday, June 14th. Stifel Nicolaus raised their price objective on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. BMO Capital Markets boosted their target price on Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research note on Friday, June 14th. Mizuho reiterated a “buy” rating and issued a $640.00 price objective (down from $680.00) on shares of Adobe in a research report on Friday, June 7th. Finally, Wells Fargo & Company lifted their price target on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research note on Friday, June 14th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Trading Up 3.6 %

Shares of Adobe stock opened at $526.44 on Friday. 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 50-day moving average of $549.91 and a 200-day moving average of $519.04. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The stock has a market cap of $233.42 billion, a PE ratio of 47.30, a PEG ratio of 3.03 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the prior year, the business posted $3.26 EPS. The business’s revenue was up 10.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Adobe Inc. will post 14.69 EPS for the current year.

Insider Buying and Selling

In other news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were 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 directly 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 link. In other news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $258,297.00. Following the completion of the transaction, the executive vice president now owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. The disclosure for this sale can be found here. Insiders have sold 33,759 shares of company stock valued at $18,205,903 over the last 90 days. 0.15% of the stock is owned by corporate insiders.

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.