Providence Capital Advisors LLC Raises Stake in Adobe Inc. (NASDAQ:ADBE)

Providence Capital Advisors LLC lifted its holdings in Adobe Inc. (NASDAQ:ADBE) by 38.8% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 15,222 shares of the software company’s stock after purchasing an additional 4,255 shares during the period. Adobe comprises approximately 1.8% of Providence Capital Advisors LLC’s holdings, making the stock its 9th biggest position. Providence Capital Advisors LLC’s holdings in Adobe were worth $8,456,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the business. Xponance Inc. lifted its stake in shares of Adobe by 1.3% in the 2nd quarter. Xponance Inc. now owns 108,895 shares of the software company’s stock worth $60,496,000 after purchasing an additional 1,409 shares during the period. Lombard Odier Asset Management Europe Ltd bought a new position in shares of Adobe in the 2nd quarter worth approximately $5,501,000. Magnetar Financial LLC bought a new position in shares of Adobe in the 2nd quarter worth approximately $597,000. Public Sector Pension Investment Board lifted its stake in shares of Adobe by 71.1% in the 2nd quarter. Public Sector Pension Investment Board now owns 17,222 shares of the software company’s stock worth $9,568,000 after purchasing an additional 7,155 shares during the period. Finally, J. Stern & Co. LLP lifted its stake in shares of Adobe by 3.9% in the 2nd quarter. J. Stern & Co. LLP now owns 78,175 shares of the software company’s stock worth $43,429,000 after purchasing an additional 2,900 shares during the period. Institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

Several research firms recently issued reports on ADBE. UBS Group reduced their target price on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday, September 13th. Piper Sandler Companies reissued an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, July 12th. Evercore ISI reissued an “outperform” rating and issued a $650.00 target price on shares of Adobe in a report on Friday, June 7th. Bank of America reissued a “buy” rating and issued a $640.00 target price on shares of Adobe in a report on Friday, September 13th. Finally, Morgan Stanley reissued an “overweight” rating and issued a $660.00 target price on shares of Adobe in a report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Stock Up 1.1 %

Shares of ADBE opened at $527.87 on Tuesday. The firm has a market capitalization of $234.06 billion, a P/E ratio of 47.43, a P/E/G ratio of 3.03 and a beta of 1.29. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28. The firm has a fifty day moving average price of $548.42 and a 200-day moving average price of $518.17.

Adobe (NASDAQ:ADBE) last issued 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 24.86% and a return on equity of 40.67%. The business’s revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the firm earned $3.26 earnings per share. Equities research analysts expect that Adobe Inc. will post 14.69 earnings per share for the current year.

Insider Activity

In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the transaction, the chief executive officer now directly 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, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $560.23, for a total transaction of $857,151.90. Following the completion of the transaction, the executive vice president now owns 20,359 shares of the company’s stock, valued at $11,405,722.57. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,759 shares of company stock valued at $18,205,903. 0.15% of the stock is currently owned by company insiders.

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.