Harmony Asset Management LLC Increases Position in Adobe Inc. (NASDAQ:ADBE)

Harmony Asset Management LLC boosted its position in Adobe Inc. (NASDAQ:ADBE) by 1.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,548 shares of the software company’s stock after acquiring an additional 100 shares during the quarter. Adobe accounts for approximately 1.5% of Harmony Asset Management LLC’s portfolio, making the stock its 15th largest holding. Harmony Asset Management LLC’s holdings in Adobe were worth $3,638,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Onyx Bridge Wealth Group LLC increased its holdings in Adobe by 3.9% in the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after acquiring an additional 19 shares in the last quarter. HTLF Bank increased its stake in shares of Adobe by 3.3% in the second quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after purchasing an additional 19 shares in the last quarter. Commonwealth Financial Services LLC boosted its holdings in Adobe by 3.7% in the 2nd quarter. Commonwealth Financial Services LLC now owns 537 shares of the software company’s stock worth $309,000 after buying an additional 19 shares during the period. Visionary Wealth Advisors boosted its stake in shares of Adobe by 1.0% in the fourth quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock worth $1,171,000 after acquiring an additional 20 shares during the period. Finally, Orrstown Financial Services Inc. grew its stake in Adobe by 0.9% during the second quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock valued at $1,257,000 after acquiring an additional 20 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the subject of a number of research analyst reports. Evercore ISI restated an “outperform” rating and set a $650.00 price objective on shares of Adobe in a research report on Friday, June 7th. Argus raised Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Sanford C. Bernstein decreased their price objective on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. KeyCorp raised their target price on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a report on Friday, June 14th. Finally, Mizuho reaffirmed a “buy” rating and set a $640.00 price target (down previously from $680.00) on shares of Adobe in a research note on Friday, June 7th. Two 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, Adobe currently has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Performance

Shares of Adobe stock opened at $522.30 on Monday. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The stock’s fifty day moving average price is $549.18 and its 200-day moving average price is $518.37. The firm 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. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28.

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

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 151 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated 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 sale, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Mark S. Garfield sold 151 shares of the business’s 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 sale, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,579,186.20. The disclosure for this sale can be found here. Insiders have sold 33,759 shares of company stock worth $18,205,903 over the last quarter. Insiders own 0.15% of the company’s stock.

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.