Adobe Inc. (NASDAQ:ADBE) Shares Bought by Fidelis Capital Partners LLC

Fidelis Capital Partners LLC grew its position in Adobe Inc. (NASDAQ:ADBE) by 3.6% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 4,785 shares of the software company’s stock after acquiring an additional 168 shares during the quarter. Fidelis Capital Partners LLC’s holdings in Adobe were worth $2,458,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Greenline Partners LLC acquired a new position in Adobe during the second quarter valued at approximately $413,000. Frank Rimerman Advisors LLC raised its stake in shares of Adobe by 1,079.7% in the 2nd quarter. Frank Rimerman Advisors LLC now owns 9,697 shares of the software company’s stock valued at $5,387,000 after acquiring an additional 8,875 shares during the period. Kayne Anderson Rudnick Investment Management LLC lifted its holdings 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 valued at $3,947,000 after acquiring an additional 5,465 shares in the last quarter. Alaethes Wealth LLC boosted its position in Adobe by 2.7% during the 2nd quarter. Alaethes Wealth LLC now owns 5,993 shares of the software company’s stock worth $3,329,000 after purchasing an additional 155 shares during the period. Finally, Legacy Financial Advisors Inc. increased its holdings in Adobe by 19.2% in the 2nd quarter. Legacy Financial Advisors Inc. now owns 1,965 shares of the software company’s stock valued at $1,092,000 after purchasing an additional 316 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Down 0.8 %

Shares of Adobe stock opened at $522.30 on Friday. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The firm has a market capitalization of $231.59 billion, a PE ratio of 46.93, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock’s fifty day moving average is $549.18 and its 200-day moving average is $518.54.

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, topping the consensus estimate of $4.53 by $0.12. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the previous year, the company earned $3.26 EPS. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. Equities analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current year.

Insider Activity at Adobe

In other Adobe news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction that occurred on 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 transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction dated 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 sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The disclosure for this sale can be found here. In the last 90 days, insiders sold 33,759 shares of company stock worth $18,205,903. 0.15% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on ADBE shares. Melius Research reiterated a “hold” rating and issued a $510.00 target price on shares of Adobe in a research note on Monday, June 10th. Barclays lifted their price objective on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. JPMorgan Chase & Co. upgraded shares of Adobe from a “neutral” rating to an “overweight” rating and upped their target price for the company from $570.00 to $580.00 in a research note on Friday, June 14th. Morgan Stanley reaffirmed an “overweight” rating and set a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Finally, Robert W. Baird upped their price objective 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 given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe 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.