Adobe Inc. (NASDAQ:ADBE) Shares Bought by Legacy Financial Advisors Inc.

Legacy Financial Advisors Inc. boosted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 19.2% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,965 shares of the software company’s stock after purchasing an additional 316 shares during the period. Legacy Financial Advisors Inc.’s holdings in Adobe were worth $1,092,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in ADBE. Tradewinds Capital Management LLC grew its holdings in shares of 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 in the last quarter. Salomon & Ludwin LLC lifted its holdings in shares of 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 buying an additional 45 shares during the last quarter. Summit Securities Group LLC bought a new stake in shares of Adobe in the 2nd quarter valued at approximately $33,000. Lynx Investment Advisory acquired a new position in Adobe in the second quarter worth approximately $39,000. Finally, Hobbs Group Advisors LLC bought a new position in Adobe during the second quarter valued at approximately $39,000. 81.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,759 shares of company stock worth $18,205,903. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Down 0.8 %

Adobe stock opened at $522.30 on Friday. The company’s 50-day moving average price is $549.18 and its two-hundred day moving average price is $518.73. 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 has a market cap of $231.59 billion, a P/E ratio of 46.93, a P/E/G ratio of 3.03 and a beta of 1.29. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25.

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

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on ADBE shares. Barclays raised 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. Mizuho reiterated a “buy” rating and issued a $640.00 target price (down previously from $680.00) on shares of Adobe in a research note on Friday, June 7th. Piper Sandler Companies restated an “overweight” rating and set a $635.00 price target on shares of Adobe in a research note on Friday, July 12th. Citigroup increased their price target on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Finally, StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

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.