Chapin Davis Inc. Has $368,000 Position in Adobe Inc. (NASDAQ:ADBE)

Chapin Davis Inc. lifted its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 45.4% in the second quarter, HoldingsChannel reports. The institutional investor owned 663 shares of the software company’s stock after buying an additional 207 shares during the period. Chapin Davis Inc.’s holdings in Adobe were worth $368,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Tradewinds Capital Management LLC lifted its stake in Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares during the last quarter. Salomon & Ludwin LLC grew its holdings in Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares during the period. Wetzel Investment Advisors Inc. acquired a new position in Adobe during the fourth quarter worth approximately $35,000. Lynx Investment Advisory bought a new stake in Adobe in the second quarter valued at approximately $39,000. Finally, First Community Trust NA bought a new position in shares of Adobe during the 2nd quarter worth approximately $41,000. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research note on Thursday. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Friday, June 14th. Melius Research reaffirmed a “hold” rating and set a $510.00 target price on shares of Adobe in a report on Monday, June 10th. Royal Bank of Canada reissued an “outperform” rating and issued a $600.00 price target on shares of Adobe in a report on Thursday, August 1st. Finally, Barclays boosted their price objective on Adobe from $630.00 to $650.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-one have given a buy rating to the stock. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $601.38.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the sale, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 97 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 $52,089.00. Following the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the transaction, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The disclosure for this sale can be found here. Insiders sold a total of 27,523 shares of company stock valued at $14,994,277 in the last quarter. Insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of ADBE traded down $0.70 during midday trading on Friday, hitting $553.46. The company’s stock had a trading volume of 1,541,726 shares, compared to its average volume of 3,304,834. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The stock has a market capitalization of $245.40 billion, a price-to-earnings ratio of 49.73, a price-to-earnings-growth ratio of 2.85 and a beta of 1.30. The company’s fifty day simple moving average is $537.27 and its two-hundred day simple moving average is $522.26.

Adobe (NASDAQ:ADBE) last released its 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. The firm had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the business posted $3.04 earnings per share. As a group, equities analysts expect that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Adobe 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.