Sfmg LLC Has $393,000 Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Sfmg LLC lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 3.1% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 708 shares of the software company’s stock after purchasing an additional 21 shares during the quarter. Sfmg LLC’s holdings in Adobe were worth $393,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of ADBE. Wellington Management Group LLP increased its stake in shares of Adobe by 1,213.5% during the 4th quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after purchasing an additional 1,870,307 shares during the last quarter. Swedbank AB acquired a new position in shares of Adobe during the 1st quarter worth $621,179,000. Longview Partners Guernsey LTD acquired a new position in shares of Adobe during the 2nd quarter worth $663,745,000. Price T Rowe Associates Inc. MD increased its stake 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 worth $3,857,189,000 after purchasing an additional 1,146,718 shares during the last quarter. Finally, BlueSpruce Investments LP increased 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 purchasing an additional 575,675 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other Adobe news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,579,186.20. The disclosure for this sale can be found here. Insiders have sold a total of 33,759 shares of company stock worth $18,205,903 over the last ninety days. Corporate insiders own 0.15% of the company’s stock.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. Argus upgraded shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Morgan Stanley reiterated an “overweight” rating and issued a $660.00 target price on shares of Adobe in a report on Friday, September 13th. Stifel Nicolaus lifted their target price on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Piper Sandler Companies reiterated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, July 12th. Finally, TD Cowen dropped their target price 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. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Price Performance

Shares of Adobe stock opened at $524.07 on Wednesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The firm’s 50-day simple moving average is $547.57 and its 200-day simple moving average is $517.98. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The firm has a market cap of $232.37 billion, a P/E ratio of 47.09, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate 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 net margin of 24.86% and a return on equity of 40.67%. The firm’s revenue was up 10.6% on a year-over-year basis. During the same period in the previous year, the business earned $3.26 EPS. As a group, research analysts expect that Adobe Inc. will post 14.69 EPS for the current fiscal year.

Adobe 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.