Steigerwald Gordon & Koch Inc. Increases Stock Position in Adobe Inc. (NASDAQ:ADBE)

Steigerwald Gordon & Koch Inc. increased its position in Adobe Inc. (NASDAQ:ADBE) by 3.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 40,190 shares of the software company’s stock after purchasing an additional 1,283 shares during the quarter. Adobe accounts for 2.3% of Steigerwald Gordon & Koch Inc.’s portfolio, making the stock its 20th largest position. Steigerwald Gordon & Koch Inc.’s holdings in Adobe were worth $20,810,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in ADBE. Tradewinds Capital Management LLC boosted its stake 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 period. Salomon & Ludwin LLC boosted 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 purchasing an additional 45 shares during the period. Summit Securities Group LLC purchased a new position in shares of Adobe in the second quarter valued at $33,000. Steph & Co. raised its holdings in Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after acquiring an additional 30 shares in the last quarter. Finally, Lynx Investment Advisory acquired a new stake in Adobe in the second quarter valued at $39,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Price Performance

ADBE traded up $7.64 on Thursday, reaching $501.72. The company had a trading volume of 777,232 shares, compared to its average volume of 3,220,172. The company has a fifty day moving average of $538.76 and a 200-day moving average of $515.91. The company has a market capitalization of $222.46 billion, a P/E ratio of 44.79, a PEG ratio of 2.72 and a beta of 1.29. The company has a current ratio of 1.11, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last announced its 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. The firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. Adobe’s revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $3.26 EPS. As a group, equities research analysts anticipate that Adobe Inc. will post 14.79 earnings per share for the current year.

Insider Activity at Adobe

In other news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated 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 approximately $10,740,738.72. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated 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 approximately $10,740,738.72. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 33,759 shares of company stock worth $17,642,653 in the last 90 days. Corporate insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. UBS Group cut their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Stifel Nicolaus upped their price target on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, September 6th. Morgan Stanley reaffirmed an “overweight” rating and issued a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Citigroup upped their price target on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Finally, StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

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.