Brick & Kyle Associates Has $5.39 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Brick & Kyle Associates lifted its holdings in Adobe Inc. (NASDAQ:ADBE) by 21.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 9,706 shares of the software company’s stock after purchasing an additional 1,709 shares during the period. Adobe accounts for approximately 2.2% of Brick & Kyle Associates’ portfolio, making the stock its 16th biggest holding. Brick & Kyle Associates’ holdings in Adobe were worth $5,392,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in ADBE. Onyx Bridge Wealth Group LLC grew its stake in shares of Adobe by 3.9% during the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after acquiring an additional 19 shares in the last quarter. HTLF Bank grew its position in Adobe by 3.3% in the second quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after purchasing an additional 19 shares in the last quarter. Commonwealth Financial Services LLC increased its stake in Adobe by 3.7% in the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock valued at $309,000 after buying an additional 19 shares during the last quarter. Visionary Wealth Advisors lifted its position in Adobe by 1.0% during the 4th quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock worth $1,171,000 after buying an additional 20 shares in the last quarter. Finally, Orrstown Financial Services Inc. boosted its stake in shares of Adobe by 0.9% during the 2nd quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock worth $1,257,000 after buying an additional 20 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity

In related news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the stock in a transaction dated 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 sale, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,759 shares of company stock worth $17,642,653. Corporate insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently issued reports on ADBE shares. Mizuho reaffirmed a “buy” rating and issued a $640.00 target price (down previously from $680.00) on shares of Adobe in a research report on Friday, June 7th. Citigroup boosted their price target on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Sanford C. Bernstein dropped their price objective on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. BMO Capital Markets raised their target price on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research note on Friday, June 14th. Finally, Robert W. Baird upped their price target on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Stock Up 0.0 %

ADBE stock opened at $515.48 on Friday. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.16. The stock has a market capitalization of $228.56 billion, a price-to-earnings ratio of 46.31, a PEG ratio of 2.72 and a beta of 1.29. The business’s fifty day moving average price is $545.13 and its two-hundred day moving average price is $517.65.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period last year, the firm earned $3.26 earnings per share. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, equities analysts anticipate that Adobe Inc. will post 14.79 earnings per share for the current year.

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.