Apella Capital LLC Boosts Position in Adobe Inc. (NASDAQ:ADBE)

Apella Capital LLC increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 6.2% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 631 shares of the software company’s stock after acquiring an additional 37 shares during the quarter. Apella Capital LLC’s holdings in Adobe were worth $319,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently modified their holdings of the company. Steph & Co. grew its stake in shares of Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares during the period. International Assets Investment Management LLC grew its position in Adobe by 16.2% in the first quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock worth $1,435,000 after acquiring an additional 398 shares during the period. Anchor Investment Management LLC increased its stake in Adobe by 9.8% during the second quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock worth $8,892,000 after acquiring an additional 1,430 shares during the last quarter. Choreo LLC raised its position in Adobe by 4.7% in the first quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after purchasing an additional 197 shares during the period. Finally, Fairscale Capital LLC acquired a new position in shares of Adobe in the 2nd quarter valued at $1,318,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 0.7 %

NASDAQ ADBE traded up $3.42 during trading on Friday, reaching $507.22. 1,949,994 shares of the company’s stock were exchanged, compared to its average volume of 3,224,393. The company has a 50 day moving average price of $541.74 and a two-hundred day moving average price of $516.31. The stock has a market cap of $224.90 billion, a P/E ratio of 45.57, a price-to-earnings-growth ratio of 2.72 and a beta of 1.29. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.11.

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 return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the prior year, the company posted $3.26 earnings per share. The firm’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, equities research analysts anticipate that Adobe Inc. will post 14.79 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on ADBE shares. Mizuho reissued a “buy” rating and set a $640.00 price objective (down from $680.00) on shares of Adobe in a research report on Friday, June 7th. KeyCorp boosted their price target on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research note on Friday, June 14th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research report on Friday, September 13th. Sanford C. Bernstein cut their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Finally, Morgan Stanley restated an “overweight” rating and set a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Insider Activity at Adobe

In other 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 sale, the chief financial officer now owns 20,838 shares in the company, valued at approximately $10,740,738.72. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction on 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 of the company’s stock, valued at $10,740,738.72. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Scott Belsky sold 1,530 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $560.23, for a total transaction of $857,151.90. Following the sale, the executive vice president now owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,759 shares of company stock valued at $17,642,653 over the last ninety days. 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.