Drucker Wealth 3.0 LLC Takes Position in Adobe Inc. (NASDAQ:ADBE)

Drucker Wealth 3.0 LLC purchased a new position in Adobe Inc. (NASDAQ:ADBE) during the 2nd quarter, Holdings Channel reports. The fund purchased 1,982 shares of the software company’s stock, valued at approximately $1,101,000.

A number of other institutional investors have also modified their holdings of ADBE. Tradewinds Capital Management LLC increased its holdings in Adobe by 266.7% during the first 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 increased its stake in Adobe by 346.2% during the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares in the last quarter. Summit Securities Group LLC purchased a new position in Adobe in the 2nd quarter worth $33,000. Steph & Co. raised its stake in shares of Adobe by 63.8% in the first 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 purchased a new position in Adobe during the 2nd quarter worth approximately $39,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Barclays lifted their price objective on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research note on Wednesday, September 4th. Melius Research reaffirmed a “hold” rating and issued a $510.00 price target on shares of Adobe in a research note on Monday, June 10th. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 target price on shares of Adobe in a research note on Friday, June 7th. UBS Group lowered their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Finally, StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. 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 issued a strong buy rating to the stock. According to MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Stock Performance

NASDAQ:ADBE opened at $517.90 on Thursday. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a fifty day simple moving average of $547.57 and a two-hundred day simple moving average of $517.98. The company has a quick ratio of 1.16, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The company has a market cap of $229.64 billion, a price-to-earnings ratio of 46.53, a price-to-earnings-growth ratio of 2.72 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the previous year, the firm posted $3.26 EPS. As a group, equities analysts anticipate that Adobe Inc. will post 14.79 earnings per share for the current fiscal year.

Insider Buying and Selling

In related 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 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 $10,740,738.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $560.23, for a total transaction of $857,151.90. Following the sale, the executive vice president now owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of the company’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 of the company’s stock, valued at $10,740,738.72. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 8,759 shares of company stock worth $4,603,153. Company insiders own 0.15% of the company’s stock.

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.