Magnetar Financial LLC Takes $597,000 Position in Adobe Inc. (NASDAQ:ADBE)

Magnetar Financial LLC bought a new position in shares of Adobe Inc. (NASDAQ:ADBE) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 1,074 shares of the software company’s stock, valued at approximately $597,000.

A number of other institutional investors have also made changes to their positions in the business. Tradewinds Capital Management LLC increased its holdings in shares of Adobe by 266.7% in the first 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 last quarter. Salomon & Ludwin LLC grew its stake in Adobe by 346.2% in the 1st 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 last quarter. Summit Securities Group LLC bought a new position in Adobe in the 2nd quarter valued at about $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 worth $39,000 after acquiring an additional 30 shares during the last quarter. Finally, Lynx Investment Advisory bought a new stake in shares of Adobe during the second quarter worth approximately $39,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on ADBE shares. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Argus upgraded Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Melius Research reissued a “hold” rating and set a $510.00 target price on shares of Adobe in a report on Monday, June 10th. Bank of America restated a “buy” rating and issued a $640.00 price target on shares of Adobe in a research note on Friday, September 13th. Finally, Robert W. Baird boosted their price objective on shares of Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a report on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $606.40.

Insider Activity at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s 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 transaction, the chief executive officer now 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 Adobe stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction 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 approximately $206,576,802.60. The disclosure for this sale can be found here. Insiders have sold a total of 33,759 shares of company stock valued at $18,205,903 in the last 90 days. 0.15% of the stock is owned by corporate insiders.

Adobe Stock Down 0.7 %

ADBE stock opened at $524.07 on Wednesday. The firm has a 50-day moving average price of $547.57 and a 200-day moving average price of $517.98. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $232.37 billion, a P/E ratio of 47.09, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.26 EPS. As a group, equities research analysts anticipate that Adobe Inc. will post 14.69 EPS 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.