Annandale Capital LLC Boosts Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Annandale Capital LLC raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 10.5% during the second quarter, according to its most recent filing with the SEC. The firm owned 5,276 shares of the software company’s stock after purchasing an additional 500 shares during the period. Annandale Capital LLC’s holdings in Adobe were worth $2,931,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the business. Brick & Kyle Associates increased its position in Adobe by 21.4% during the 2nd quarter. Brick & Kyle Associates now owns 9,706 shares of the software company’s stock valued at $5,392,000 after purchasing an additional 1,709 shares during the period. Texas Capital Bank Wealth Management Services Inc increased its position in Adobe by 8.0% during the 2nd quarter. Texas Capital Bank Wealth Management Services Inc now owns 862 shares of the software company’s stock valued at $479,000 after purchasing an additional 64 shares during the period. Cim Investment Management Inc. increased its position in Adobe by 38.6% during the 2nd quarter. Cim Investment Management Inc. now owns 3,868 shares of the software company’s stock valued at $2,149,000 after purchasing an additional 1,078 shares during the period. Oliver Lagore Vanvalin Investment Group increased its position in Adobe by 41.9% during the 2nd quarter. Oliver Lagore Vanvalin Investment Group now owns 4,866 shares of the software company’s stock valued at $2,703,000 after purchasing an additional 1,438 shares during the period. Finally, Peloton Wealth Strategists increased its position in Adobe by 19.6% during the 2nd quarter. Peloton Wealth Strategists now owns 3,752 shares of the software company’s stock valued at $2,084,000 after purchasing an additional 615 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the subject of several recent analyst reports. Wells Fargo & Company boosted their price objective on shares of Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research note on Friday, June 14th. Bank of America reiterated a “buy” rating and set a $640.00 price objective on shares of Adobe in a research note on Friday, September 13th. Royal Bank of Canada reiterated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research note on Friday, September 13th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Finally, Evercore ISI reiterated an “outperform” rating and set a $650.00 price objective on shares of Adobe in a research note on Friday, June 7th. 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 assigned a strong buy rating to the company. According to MarketBeat, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Stock Performance

ADBE opened at $515.48 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.16. The firm has a fifty day moving average price of $545.13 and a 200 day moving average price of $517.22. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The stock has a market cap of $228.56 billion, a P/E ratio of 46.31, a P/E/G ratio of 2.72 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the previous year, the business posted $3.26 EPS. The business’s revenue was up 10.6% compared to the same quarter last year. Equities research analysts anticipate that Adobe Inc. will post 14.79 earnings per share for the current year.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction on Monday, July 15th. The shares were 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 directly owns 20,359 shares in the company, valued at $11,405,722.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Daniel Durn sold 6,500 shares of the 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 completion of the sale, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Scott Belsky sold 1,530 shares of the stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $560.23, for a total transaction of $857,151.90. Following the completion of the sale, 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 worth $17,642,653. 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.