Semmax Financial Advisors Inc. Acquires 747 Shares of Adobe Inc. (NASDAQ:ADBE)

Semmax Financial Advisors Inc. raised its holdings in Adobe Inc. (NASDAQ:ADBE) by 19.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,650 shares of the software company’s stock after acquiring an additional 747 shares during the period. Semmax Financial Advisors Inc.’s holdings in Adobe were worth $2,489,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Tradewinds Capital Management LLC increased its holdings in 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 purchasing an additional 40 shares in the last quarter. Salomon & Ludwin LLC increased its stake in shares of Adobe by 346.2% in 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 Adobe in the 2nd quarter valued at approximately $33,000. Lynx Investment Advisory bought a new position in shares of Adobe during the second quarter valued at $39,000. Finally, Hobbs Group Advisors LLC bought a new position in Adobe during the 2nd quarter worth $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity

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

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Robert W. Baird increased their price target on Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a research note on Friday, June 14th. Bank of America reaffirmed a “buy” rating and issued a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. JMP Securities reissued a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Sanford C. Bernstein lowered 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, Melius downgraded shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target for the company. in a research report on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Trading Up 1.1 %

Shares of ADBE stock opened at $527.87 on Tuesday. The stock has a market capitalization of $234.06 billion, a price-to-earnings ratio of 47.43, a PEG ratio of 3.03 and a beta of 1.29. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. 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 company’s fifty day simple moving average is $548.42 and its two-hundred day simple moving average is $518.17.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion during 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% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.26 EPS. As a group, analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current year.

About Adobe

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.