Kayne Anderson Rudnick Investment Management LLC Boosts Holdings in Adobe Inc. (NASDAQ:ADBE)

Kayne Anderson Rudnick Investment Management LLC lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 333.4% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,104 shares of the software company’s stock after buying an additional 5,465 shares during the quarter. Kayne Anderson Rudnick Investment Management LLC’s holdings in Adobe were worth $3,947,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the stock. Tradewinds Capital Management LLC raised its position 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 worth $28,000 after acquiring an additional 40 shares in the last quarter. Salomon & Ludwin LLC grew its stake in Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares during the period. Summit Securities Group LLC bought a new position in Adobe in the second quarter worth $33,000. Steph & Co. lifted its position in Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares during the period. Finally, Lynx Investment Advisory bought a new stake in Adobe in the 2nd quarter worth about $39,000. 81.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Mizuho restated a “buy” rating and set a $640.00 price objective (down previously from $680.00) on shares of Adobe in a research report on Friday, June 7th. Argus upgraded Adobe to a “strong-buy” rating in a research note on Monday, September 16th. TD Cowen reduced their price objective on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research report on Monday, June 10th. Sanford C. Bernstein dropped their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Finally, Wells Fargo & Company increased their price objective on shares of Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $606.40.

Insider Buying and Selling

In other Adobe news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Adobe news, CFO Daniel Durn sold 6,500 shares of the 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 completion of the transaction, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $258,297.00. Following the completion of the sale, the executive vice president now owns 19,658 shares in the company, valued at $10,556,346. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,759 shares of company stock worth $18,205,903. Corporate insiders own 0.15% of the company’s stock.

Adobe Trading Down 0.8 %

Adobe stock opened at $522.30 on Monday. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The firm’s 50 day moving average price is $549.18 and its 200-day moving average price is $518.37. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The stock has a market cap of $231.59 billion, a P/E ratio of 46.93, a PEG ratio of 3.03 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results 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 company had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the previous year, the firm posted $3.26 EPS. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, equities analysts predict that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

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.