Sanctuary Advisors LLC Purchases New Stake in Adobe Inc. (NASDAQ:ADBE)

Sanctuary Advisors LLC bought a new stake in Adobe Inc. (NASDAQ:ADBE) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 64,181 shares of the software company’s stock, valued at approximately $35,655,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. J. W. Coons Advisors LLC boosted its stake in shares of Adobe by 2.6% in the fourth quarter. J. W. Coons Advisors LLC now owns 1,843 shares of the software company’s stock valued at $1,100,000 after purchasing an additional 46 shares during the period. Blueshift Asset Management LLC boosted its position in Adobe by 14.9% in the 4th quarter. Blueshift Asset Management LLC now owns 957 shares of the software company’s stock valued at $571,000 after buying an additional 124 shares during the last quarter. Edge Capital Group LLC grew its stake in shares of Adobe by 12.3% during the fourth quarter. Edge Capital Group LLC now owns 1,978 shares of the software company’s stock valued at $1,180,000 after acquiring an additional 217 shares in the last quarter. First Trust Advisors LP lifted its stake in shares of Adobe by 2.2% in the fourth quarter. First Trust Advisors LP now owns 356,235 shares of the software company’s stock worth $212,530,000 after acquiring an additional 7,822 shares in the last quarter. Finally, Capital International Sarl grew its stake in Adobe by 7.1% during the 4th quarter. Capital International Sarl now owns 5,157 shares of the software company’s stock valued at $3,077,000 after purchasing an additional 340 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $502.80 on Wednesday. The firm’s 50-day simple moving average is $543.52 and its 200 day simple moving average is $516.52. The stock has a market cap of $222.94 billion, a P/E ratio of 45.18, a P/E/G ratio of 2.72 and a beta of 1.29. The company has a quick ratio of 1.16, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25.

Adobe (NASDAQ:ADBE) last posted 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. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period last year, the firm posted $3.26 earnings per share. The business’s revenue was up 10.6% on a year-over-year basis. Equities analysts expect that Adobe Inc. will post 14.79 EPS for the current year.

Insider Activity

In other news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $560.23, for a total value of $857,151.90. Following the completion of the sale, the executive vice president now owns 20,359 shares in the company, valued at $11,405,722.57. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $560.23, for a total transaction of $857,151.90. Following the completion of the sale, the executive vice president now directly owns 20,359 shares of the company’s stock, valued at $11,405,722.57. 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 stock was 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 approximately $10,740,738.72. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 33,759 shares of company stock worth $17,642,653. 0.15% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. BMO Capital Markets boosted their target price on shares of Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research report on Friday, June 14th. Sanford C. Bernstein cut their target price on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. Melius Research reissued a “hold” rating and issued a $510.00 price objective on shares of Adobe in a report on Monday, June 10th. Finally, JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $570.00 to $580.00 in a report on Friday, June 14th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Adobe Company 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.