Hollencrest Capital Management Buys 58 Shares of Adobe Inc. (NASDAQ:ADBE)

Hollencrest Capital Management grew its position in shares of Adobe Inc. (NASDAQ:ADBE) by 0.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,356 shares of the software company’s stock after buying an additional 58 shares during the quarter. Hollencrest Capital Management’s holdings in Adobe were worth $3,531,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently modified their holdings of the company. Onyx Bridge Wealth Group LLC grew its position in shares of Adobe by 3.9% in the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after acquiring an additional 19 shares during the period. HTLF Bank lifted its stake in Adobe by 3.3% in 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 Adobe by 1.0% during the fourth quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock worth $1,171,000 after purchasing an additional 20 shares during the period. Orrstown Financial Services Inc. increased its position in Adobe by 0.9% during the second 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. Finally, Orser Capital Management LLC lifted its position in shares of Adobe by 0.3% in the second quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock valued at $3,815,000 after buying an additional 20 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on ADBE shares. Argus raised Adobe to a “strong-buy” rating in a report on Monday. JPMorgan Chase & Co. upgraded shares of Adobe from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $570.00 to $580.00 in a report on Friday, June 14th. Barclays raised their target price on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research report on Friday, September 13th. Two 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 stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Stock Up 3.6 %

Shares of NASDAQ:ADBE opened at $526.44 on Friday. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The company has a market capitalization of $233.42 billion, a PE ratio of 47.30, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The company has a fifty day moving average of $549.91 and a 200-day moving average of $519.04.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.26 EPS. On average, equities analysts predict that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Insider Buying and Selling

In other Adobe news, 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 in the company, valued at approximately $10,740,738.72. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction 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 sale, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. The disclosure for this sale can be found here. Insiders have sold a total of 33,759 shares of company stock worth $18,205,903 in the last ninety days. 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.