Buckingham Strategic Partners Decreases Stock Holdings in Adobe Inc. (NASDAQ:ADBE)
Buckingham Strategic Partners lessened its stake in Adobe Inc. (NASDAQ:ADBE – Free Report) by 94.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 712 shares of the software company’s stock after selling 11,286 shares during the period. Buckingham Strategic Partners’ holdings in Adobe were worth $348,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also added to or reduced their stakes in ADBE. Financial Freedom LLC purchased a new position in shares of Adobe in the 4th quarter worth approximately $29,000. Fiduciary Alliance LLC acquired a new stake in Adobe in the second quarter valued at approximately $32,000. Independence Bank of Kentucky grew its holdings in Adobe by 209.1% in the second quarter. Independence Bank of Kentucky now owns 68 shares of the software company’s stock worth $33,000 after purchasing an additional 46 shares during the last quarter. Glass Jacobson Investment Advisors llc acquired a new position in shares of Adobe during the second quarter worth $34,000. Finally, Fortis Capital Advisors LLC purchased a new stake in shares of Adobe during the 4th quarter valued at $35,000. 80.00% of the stock is currently owned by institutional investors.
Insider Transactions at Adobe
In related news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction on Monday, September 18th. The shares were sold at an average price of $524.70, for a total value of $138,520.80. Following the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,127,658.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the stock in a transaction that occurred on Monday, October 16th. The stock was sold at an average price of $553.18, for a total transaction of $53,105.28. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,243,144.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction that occurred on Monday, September 18th. The stock was sold at an average price of $524.70, for a total value of $138,520.80. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares in the company, valued at $2,127,658.50. The disclosure for this sale can be found here. Insiders sold a total of 2,467 shares of company stock valued at $1,337,400 in the last three months. 0.24% of the stock is currently owned by company insiders.
Adobe Stock Down 0.4 %
ADBE stock opened at $602.22 on Wednesday. Adobe Inc. has a one year low of $318.60 and a one year high of $628.60. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.25 and a current ratio of 1.25. The firm’s fifty day moving average is $564.41 and its 200 day moving average is $523.06. The firm has a market cap of $274.19 billion, a PE ratio of 54.21, a P/E/G ratio of 3.17 and a beta of 1.34.
Adobe (NASDAQ:ADBE – Get Free Report) last posted its earnings results on Thursday, September 14th. The software company reported $4.09 EPS for the quarter, beating analysts’ consensus estimates of $3.98 by $0.11. The firm had revenue of $4.89 billion for the quarter, compared to analysts’ expectations of $4.87 billion. Adobe had a return on equity of 37.73% and a net margin of 27.11%. The company’s quarterly revenue was up 10.3% on a year-over-year basis. During the same period last year, the firm earned $2.63 EPS. On average, research analysts forecast that Adobe Inc. will post 12.81 EPS for the current year.
Wall Street Analyst Weigh In
Several brokerages recently issued reports on ADBE. HSBC began coverage on Adobe in a research report on Friday, September 29th. They set a “hold” rating and a $519.00 target price on the stock. TD Cowen increased their price objective on shares of Adobe from $600.00 to $630.00 and gave the company an “outperform” rating in a research report on Friday, September 15th. Citigroup lifted their target price on shares of Adobe from $544.00 to $570.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 13th. Deutsche Bank Aktiengesellschaft upped their price target on shares of Adobe from $550.00 to $610.00 and gave the company a “buy” rating in a research note on Friday, September 15th. Finally, Mizuho reissued a “buy” rating and set a $630.00 price objective on shares of Adobe in a report on Friday, September 15th. Seven analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. According to data from MarketBeat.com, Adobe presently has an average rating of “Moderate Buy” and a consensus target price of $607.75.
Read Our Latest Research Report on Adobe
Adobe Company Profile (Free Report)
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.
Further Reading
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