Cetera Investment Advisers Acquires 68,921 Shares of Adobe Inc. (NASDAQ:ADBE)

Cetera Investment Advisers raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 213.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 101,212 shares of the software company’s stock after acquiring an additional 68,921 shares during the quarter. Cetera Investment Advisers’ holdings in Adobe were worth $51,072,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. PGGM Investments grew its position in shares of Adobe by 1.4% during the 1st quarter. PGGM Investments now owns 43,900 shares of the software company’s stock valued at $22,152,000 after purchasing an additional 596 shares in the last quarter. Burney Co. grew its position in shares of Adobe by 1.8% during the 1st quarter. Burney Co. now owns 5,530 shares of the software company’s stock valued at $2,790,000 after purchasing an additional 100 shares in the last quarter. Second Line Capital LLC grew its position in Adobe by 2.8% in the first quarter. Second Line Capital LLC now owns 4,101 shares of the software company’s stock worth $2,069,000 after acquiring an additional 112 shares in the last quarter. BigSur Wealth Management LLC purchased a new position in Adobe in the first quarter worth $1,413,000. Finally, Swedbank AB purchased a new position in Adobe in the first quarter worth $621,179,000. Institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 3.7 %

ADBE stock traded down $20.24 during trading on Friday, reaching $526.17. The company had a trading volume of 2,729,113 shares, compared to its average volume of 2,285,513. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a market cap of $233.30 billion, a P/E ratio of 47.27, a PEG ratio of 2.85 and a beta of 1.30. The business has a 50 day moving average of $522.70 and a 200 day moving average of $528.91. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (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 company had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. During the same period last year, the company posted $3.04 EPS. Adobe’s revenue was up 10.2% on a year-over-year basis. As a group, sell-side analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $258,297.00. Following the completion of the sale, the executive vice president now directly owns 19,658 shares in the company, valued at approximately $10,556,346. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the transaction, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $258,297.00. Following the transaction, the executive vice president now directly owns 19,658 shares of the company’s stock, valued at $10,556,346. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,523 shares of company stock valued at $14,994,277. 0.15% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. Barclays upped their target price on shares of Adobe from $630.00 to $650.00 and gave the stock an “overweight” rating in a research report on Friday, June 14th. Robert W. Baird upped their target price on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research report on Friday, June 14th. Evercore ISI reiterated an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research report on Friday, June 7th. Melius Research reiterated a “hold” rating and issued a $510.00 target price on shares of Adobe in a research report on Monday, June 10th. Finally, Mizuho restated a “buy” rating and set a $640.00 price target (down from $680.00) on shares of Adobe in a research report on Friday, June 7th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-one have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $601.38.

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.