Nkcfo LLC Raises Holdings in Adobe Inc. (NASDAQ:ADBE)

Nkcfo LLC raised its stake in Adobe Inc. (NASDAQ:ADBE) by 16.0% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 2,900 shares of the software company’s stock after purchasing an additional 400 shares during the quarter. Adobe accounts for 0.9% of Nkcfo LLC’s portfolio, making the stock its 24th biggest position. Nkcfo LLC’s holdings in Adobe were worth $1,611,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ADBE. Tradewinds Capital Management LLC increased its holdings in Adobe by 266.7% during 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 increased its stake in shares of Adobe by 346.2% during the first 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 period. Summit Securities Group LLC bought a new position in shares of Adobe during the second quarter valued at approximately $33,000. Steph & Co. lifted its stake in Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after acquiring an additional 30 shares during the period. Finally, Lynx Investment Advisory bought a new stake in Adobe in the second quarter valued at $39,000. Institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In related news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Thursday, June 27th. The stock was 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 approximately $206,576,802.60. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value 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 disclosure for this sale can be found here. Insiders have sold 33,759 shares of company stock worth $18,205,903 in the last 90 days. 0.15% of the stock is currently owned by insiders.

Adobe Stock Down 0.8 %

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

Adobe (NASDAQ:ADBE) last issued 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. The firm had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $3.26 EPS. As a group, analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have commented on ADBE. Citigroup upped their price objective on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. Wells Fargo & Company raised their price objective on shares of Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. Melius Research reiterated a “hold” rating and set a $510.00 target price on shares of Adobe in a report on Monday, June 10th. Oppenheimer reissued an “outperform” rating and issued a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. Finally, Piper Sandler Companies restated an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Friday, July 12th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $606.40.

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.