Alaethes Wealth LLC Acquires 155 Shares of Adobe Inc. (NASDAQ:ADBE)

Alaethes Wealth LLC increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 2.7% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,993 shares of the software company’s stock after acquiring an additional 155 shares during the period. Adobe comprises about 1.4% of Alaethes Wealth LLC’s investment portfolio, making the stock its 15th biggest position. Alaethes Wealth LLC’s holdings in Adobe were worth $3,329,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in ADBE. Tradewinds Capital Management LLC grew its stake in shares of Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares during the period. Salomon & Ludwin LLC boosted its stake in Adobe by 346.2% in 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 in the last quarter. Summit Securities Group LLC bought a new stake in Adobe in the second quarter valued at $33,000. Steph & Co. raised its stake in Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after acquiring an additional 30 shares in the last quarter. Finally, Lynx Investment Advisory bought a new position in shares of Adobe during the second quarter valued at $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 151 shares of the stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Adobe news, CAO Mark S. Garfield sold 151 shares of the stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction dated 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 transaction, the chief financial officer now owns 20,838 shares in the company, valued at approximately $10,740,738.72. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 33,759 shares of company stock worth $18,205,903. 0.15% of the stock is currently owned by company insiders.

Adobe Stock Performance

ADBE stock opened at $522.30 on Friday. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. 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 company has a market cap of $231.59 billion, a P/E ratio of 46.93, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. The business’s fifty day moving average is $549.18 and its 200-day moving average is $518.73.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.53 by $0.12. The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The company’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.26 earnings per share. Equities research analysts forecast that Adobe Inc. will post 14.69 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the stock. Bank of America reaffirmed a “buy” rating and issued a $640.00 target price on shares of Adobe in a report on Friday, September 13th. Barclays upped their price objective 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. Morgan Stanley reiterated an “overweight” rating and issued a $660.00 target price on shares of Adobe in a research note on Friday, September 13th. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Finally, Evercore ISI reaffirmed an “outperform” rating and set a $650.00 price target on shares of Adobe in a report on Friday, June 7th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target 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.