Benjamin F. Edwards & Company Inc. Has $4.40 Million Position in Adobe Inc. (NASDAQ:ADBE)

Benjamin F. Edwards & Company Inc. cut its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 7.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,919 shares of the software company’s stock after selling 596 shares during the quarter. Benjamin F. Edwards & Company Inc.’s holdings in Adobe were worth $4,399,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of the stock. Onyx Bridge Wealth Group LLC increased its position in shares of Adobe by 3.9% during the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock worth $281,000 after purchasing an additional 19 shares during the last quarter. HTLF Bank raised its position in Adobe by 3.3% during the second quarter. HTLF Bank now owns 588 shares of the software company’s stock worth $327,000 after acquiring an additional 19 shares in the last quarter. Visionary Wealth Advisors lifted its stake in Adobe by 1.0% in the fourth quarter. Visionary Wealth Advisors now owns 1,962 shares of the software company’s stock valued at $1,171,000 after acquiring an additional 20 shares during the last quarter. Orrstown Financial Services Inc. grew its position in shares of Adobe by 0.9% in the 2nd quarter. Orrstown Financial Services Inc. now owns 2,262 shares of the software company’s stock valued at $1,257,000 after acquiring an additional 20 shares during the period. Finally, Orser Capital Management LLC increased its stake in shares of Adobe by 0.3% during the 2nd quarter. Orser Capital Management LLC now owns 6,867 shares of the software company’s stock worth $3,815,000 after purchasing an additional 20 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Adobe news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction dated 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mark S. Garfield sold 151 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The disclosure for this sale can be found here. Insiders sold a total of 33,759 shares of company stock worth $18,205,903 in the last quarter. 0.15% of the stock is owned by insiders.

Analysts Set New Price Targets

ADBE has been the subject of a number of research analyst reports. Melius cut Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target for the company. in a report on Monday, June 10th. Oppenheimer reissued an “outperform” rating and set a $625.00 target price on shares of Adobe in a report on Friday, September 13th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 price target on shares of Adobe in a report on Friday, September 13th. TD Cowen decreased their price objective on shares of Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a report on Monday, June 10th. Finally, Argus raised shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Performance

Shares of Adobe stock opened at $522.30 on Friday. The company’s 50 day moving average price is $549.18 and its two-hundred day moving average price is $518.54. The firm has a market capitalization of $231.59 billion, a P/E ratio of 46.93, a P/E/G ratio of 3.03 and a beta of 1.29. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. 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 issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.26 EPS. On average, equities analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

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.