Edgestream Partners L.P. Increases Position in Adobe Inc. (NASDAQ:ADBE)

Edgestream Partners L.P. lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 113.0% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 6,502 shares of the software company’s stock after buying an additional 3,449 shares during the period. Edgestream Partners L.P.’s holdings in Adobe were worth $3,281,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Tradewinds Capital Management LLC lifted its stake in shares of Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares during the period. Salomon & Ludwin LLC lifted its stake in shares of Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after buying an additional 45 shares during the period. Wetzel Investment Advisors Inc. purchased a new position in shares of Adobe during the fourth quarter valued at approximately $35,000. Steph & Co. lifted its stake in shares of Adobe by 63.8% during the first 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. Finally, LifeSteps Financial Inc. purchased a new position in shares of Adobe during the first quarter valued at approximately $47,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Stock Up 0.7 %

NASDAQ ADBE traded up $3.82 during trading hours on Monday, reaching $554.82. 2,391,105 shares of the company traded hands, compared to its average volume of 3,463,682. 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 stock has a market capitalization of $246.01 billion, a PE ratio of 49.88, a PEG ratio of 2.88 and a beta of 1.30. The company has a 50 day moving average of $510.98 and a two-hundred day moving average of $531.24.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm had revenue of $5.31 billion for the quarter, compared to the consensus estimate of $5.29 billion. During the same period in the prior year, the firm posted $3.04 EPS. The firm’s revenue was up 10.2% compared to the same quarter last year. As a group, equities analysts expect that Adobe Inc. will post 14.69 earnings per share for the current year.

Insider Buying and Selling at Adobe

In other Adobe news, EVP Scott Belsky sold 2,713 shares of the stock in a transaction on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the transaction, the executive vice president now directly owns 21,114 shares in the company, valued at approximately $10,014,370.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction dated Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total value of $1,286,775.90. Following the transaction, the executive vice president now directly owns 21,114 shares in the company, valued at approximately $10,014,370.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The stock was 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 29,755 shares of company stock worth $16,016,103 in the last ninety days. 0.15% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. Sanford C. Bernstein upped their price target on shares of Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a research report on Monday, June 17th. TD Cowen dropped their price target on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research report on Monday, June 10th. Piper Sandler dropped their price target on shares of Adobe from $700.00 to $635.00 and set an “overweight” rating for the company in a research report on Friday, July 12th. StockNews.com lowered shares of Adobe from a “buy” rating to a “hold” rating in a research report on Friday, July 12th. Finally, Citigroup dropped their price target on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating for the company in a research report on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $603.33.

Adobe Company 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.