Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Frank Rimerman Advisors LLC

Frank Rimerman Advisors LLC increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 1,079.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,697 shares of the software company’s stock after acquiring an additional 8,875 shares during the period. Frank Rimerman Advisors LLC’s holdings in Adobe were worth $5,387,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of ADBE. Kayne Anderson Rudnick Investment Management LLC boosted its position in shares of Adobe by 333.4% during the 2nd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 7,104 shares of the software company’s stock worth $3,947,000 after purchasing an additional 5,465 shares in the last quarter. Alaethes Wealth LLC boosted its holdings in Adobe by 2.7% during the second quarter. Alaethes Wealth LLC now owns 5,993 shares of the software company’s stock worth $3,329,000 after buying an additional 155 shares in the last quarter. Legacy Financial Advisors Inc. boosted its holdings in Adobe by 19.2% during the second quarter. Legacy Financial Advisors Inc. now owns 1,965 shares of the software company’s stock worth $1,092,000 after buying an additional 316 shares in the last quarter. Longview Partners Guernsey LTD acquired a new position in Adobe during the second quarter worth about $663,745,000. Finally, Westwood Holdings Group Inc. increased its holdings in Adobe by 26.5% in the second quarter. Westwood Holdings Group Inc. now owns 9,287 shares of the software company’s stock valued at $5,159,000 after buying an additional 1,948 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Stock Performance

NASDAQ:ADBE opened at $522.30 on Friday. The company has a market cap of $231.59 billion, a P/E ratio of 46.93, a P/E/G ratio of 3.03 and a beta of 1.29. The firm’s 50 day moving average is $549.18 and its two-hundred day moving average is $518.54. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the company posted $3.26 EPS. Analysts expect that Adobe Inc. will post 14.69 EPS for the current year.

Insider Transactions at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $560.23, for a total transaction of $857,151.90. Following the completion of the transaction, the executive vice president now directly owns 20,359 shares in the company, valued at approximately $11,405,722.57. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,759 shares of company stock worth $18,205,903. 0.15% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on ADBE shares. BMO Capital Markets upped 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. Stifel Nicolaus raised their price target on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Argus upgraded shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

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.