Wealth Advisors of Tampa Bay LLC Boosts Holdings in Adobe Inc. (NASDAQ:ADBE)

Wealth Advisors of Tampa Bay LLC raised its stake in Adobe Inc. (NASDAQ:ADBE) by 37.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,959 shares of the software company’s stock after acquiring an additional 1,359 shares during the quarter. Wealth Advisors of Tampa Bay LLC’s holdings in Adobe were worth $2,755,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ADBE. Wellington Management Group LLP lifted its stake in Adobe by 1,213.5% in the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after purchasing an additional 1,870,307 shares during the last quarter. Swedbank AB bought a new stake in shares of Adobe in the first quarter valued at $621,179,000. Price T Rowe Associates Inc. MD lifted its position in shares of Adobe by 17.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after buying an additional 1,146,718 shares during the last quarter. BlueSpruce Investments LP grew its stake in shares of Adobe by 81.1% during the 1st quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock worth $648,712,000 after acquiring an additional 575,675 shares during the period. Finally, Liberty Wealth Management LLC grew its stake in shares of Adobe by 55,496.6% during the 2nd quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock worth $318,127,000 after acquiring an additional 571,615 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Adobe Trading Up 3.6 %

NASDAQ ADBE opened at $526.44 on Friday. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The stock’s 50-day simple moving average is $549.91 and its two-hundred day simple moving average is $519.04. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a market capitalization of $233.42 billion, a price-to-earnings ratio of 47.30, a PEG ratio of 3.03 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data 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 company had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period last year, the firm posted $3.26 EPS. Research analysts forecast that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have commented on ADBE shares. Wells Fargo & Company upped their price objective on shares of Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Robert W. Baird raised their price objective on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a report on Friday, June 14th. Sanford C. Bernstein lowered their target price on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a report on Friday, September 13th. Oppenheimer reaffirmed an “outperform” rating and issued a $625.00 price target on shares of Adobe in a report on Friday, September 13th. Finally, JPMorgan Chase & Co. upgraded Adobe from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $570.00 to $580.00 in a research note on Friday, June 14th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Insider Activity

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on 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 sale, the chief executive officer now owns 379,660 shares in the company, valued at $206,576,802.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,501,989. The disclosure for this sale can be found here. In the last 90 days, insiders sold 33,759 shares of company stock valued at $18,205,903. Corporate insiders own 0.15% of the company’s stock.

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.