Greenline Partners LLC Makes New $413,000 Investment in Adobe Inc. (NASDAQ:ADBE)

Greenline Partners LLC purchased a new stake in Adobe Inc. (NASDAQ:ADBE) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 738 shares of the software company’s stock, valued at approximately $413,000.

A number of other hedge funds also recently made changes to their positions in ADBE. Frank Rimerman Advisors LLC raised its position in Adobe by 1,079.7% in the second quarter. Frank Rimerman Advisors LLC now owns 9,697 shares of the software company’s stock worth $5,387,000 after purchasing an additional 8,875 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC raised its position in Adobe by 333.4% in the second quarter. Kayne Anderson Rudnick Investment Management LLC now owns 7,104 shares of the software company’s stock worth $3,947,000 after purchasing an additional 5,465 shares in the last quarter. Alaethes Wealth LLC raised its position in Adobe by 2.7% in the second quarter. Alaethes Wealth LLC now owns 5,993 shares of the software company’s stock worth $3,329,000 after purchasing an additional 155 shares in the last quarter. Legacy Financial Advisors Inc. raised its position in Adobe by 19.2% in the second quarter. Legacy Financial Advisors Inc. now owns 1,965 shares of the software company’s stock worth $1,092,000 after purchasing an additional 316 shares in the last quarter. Finally, Longview Partners Guernsey LTD acquired a new position in Adobe in the second quarter worth about $663,745,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

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

Adobe Price Performance

Shares of ADBE stock opened at $522.30 on Friday. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The stock has a market cap of $231.59 billion, a PE ratio of 46.93, a PEG 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 firm’s 50 day moving average price is $549.18 and its two-hundred day moving average price is $518.54.

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

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the stock. Mizuho reissued a “buy” rating and issued a $640.00 price target (down previously from $680.00) on shares of Adobe in a research report on Friday, June 7th. Oppenheimer reissued an “outperform” rating and issued a $625.00 price target on shares of Adobe in a research report on Friday, September 13th. Sanford C. Bernstein dropped their price objective on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 price objective on shares of Adobe in a report on Friday, June 7th. Finally, TD Cowen dropped their price objective on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a report on Monday, June 10th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock 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.