Adobe Inc. (NASDAQ:ADBE) Stock Position Lifted by Bulltick Wealth Management LLC

Bulltick Wealth Management LLC boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 12.5% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 23,492 shares of the software company’s stock after acquiring an additional 2,607 shares during the quarter. Adobe accounts for about 3.2% of Bulltick Wealth Management LLC’s investment portfolio, making the stock its 7th largest holding. Bulltick Wealth Management LLC’s holdings in Adobe were worth $13,051,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Tradewinds Capital Management LLC increased its position 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 acquiring an additional 40 shares during the period. Salomon & Ludwin LLC increased its holdings in Adobe by 346.2% during the 1st 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 bought a new position in Adobe during the 2nd quarter valued at approximately $33,000. Steph & Co. lifted its holdings in Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares during the period. Finally, Lynx Investment Advisory bought a new stake in shares of Adobe in the 2nd quarter worth approximately $39,000. 81.79% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

ADBE has been the subject of a number of research analyst reports. Mizuho reaffirmed a “buy” rating and issued a $640.00 price target (down previously from $680.00) on shares of Adobe in a research note on Friday, June 7th. Oppenheimer reaffirmed an “outperform” rating and issued a $625.00 target price on shares of Adobe in a research report on Friday, September 13th. Argus upgraded shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. JMP Securities restated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Finally, Robert W. Baird lifted their price objective on Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a research report on Friday, June 14th. Two investment analysts have rated the stock with a sell rating, seven have assigned 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, Adobe currently has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Trading Down 0.8 %

Shares of NASDAQ:ADBE opened at $522.30 on Friday. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The stock’s fifty day moving average price is $549.18 and its 200-day moving average price is $518.73. The company has a market cap of $231.59 billion, a P/E ratio of 46.93, a PEG ratio of 3.03 and a beta of 1.29. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16.

Adobe (NASDAQ:ADBE) last announced its quarterly 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. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter last year, the firm posted $3.26 EPS. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. Sell-side analysts expect that Adobe Inc. will post 14.69 earnings per share for the current year.

Insiders Place Their Bets

In other 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 transaction of $3,350,360.00. Following the transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Adobe news, CAO Mark S. Garfield sold 151 shares of the stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction 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 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 quarter, insiders sold 33,759 shares of company stock valued at $18,205,903. Company 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.