Bridges Investment Management Inc. Buys 78,213 Shares of Adobe Inc. (NASDAQ:ADBE)

Bridges Investment Management Inc. increased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 117.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 144,718 shares of the software company’s stock after purchasing an additional 78,213 shares during the quarter. Adobe comprises about 1.2% of Bridges Investment Management Inc.’s portfolio, making the stock its 24th biggest position. Bridges Investment Management Inc.’s holdings in Adobe were worth $80,397,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also modified their holdings of the stock. Onyx Bridge Wealth Group LLC raised its stake in Adobe by 3.9% in the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after purchasing an additional 19 shares in the last quarter. HTLF Bank grew its holdings in shares of Adobe by 3.3% during the 2nd quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after purchasing an additional 19 shares during the last quarter. Visionary Wealth Advisors grew its holdings in shares of Adobe by 1.0% during the 4th quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock valued at $1,171,000 after purchasing an additional 20 shares during the last quarter. Orrstown Financial Services Inc. grew its holdings 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 valued at $1,257,000 after purchasing an additional 20 shares during the last quarter. Finally, Orser Capital Management LLC grew its holdings in shares of Adobe by 0.3% during the 2nd quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock valued at $3,815,000 after purchasing an additional 20 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Stock Performance

Shares of ADBE opened at $526.44 on Friday. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The company has a market cap of $233.42 billion, a PE ratio of 47.30, a P/E/G ratio of 3.03 and a beta of 1.29. The stock has a 50-day moving average of $549.91 and a 200-day moving average of $519.04. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter last year, the firm posted $3.26 earnings per share. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, equities research analysts predict that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Insider Activity at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s 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 transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s 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 transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 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 $11,405,722.57. The disclosure for this sale can be found here. In the last 90 days, insiders sold 33,759 shares of company stock valued at $18,205,903. 0.15% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on ADBE shares. Citigroup raised their price target on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. Piper Sandler Companies reaffirmed an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Friday, July 12th. Robert W. Baird upped their price target on Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a research 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 report on Friday, September 6th. Finally, StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Adobe currently 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.