Focus Financial Network Inc. Increases Position in Adobe Inc. (NASDAQ:ADBE)

Focus Financial Network Inc. lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 10.4% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 3,249 shares of the software company’s stock after buying an additional 306 shares during the quarter. Focus Financial Network Inc.’s holdings in Adobe were worth $1,829,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of ADBE. Tradewinds Capital Management LLC boosted its stake in shares of Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after acquiring an additional 40 shares during the period. Salomon & Ludwin LLC boosted its stake in shares of Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after acquiring an additional 45 shares during the period. Wetzel Investment Advisors Inc. bought a new position in shares of Adobe in the fourth quarter worth about $35,000. Steph & Co. boosted its stake in shares of Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after acquiring an additional 30 shares during the period. Finally, Lynx Investment Advisory bought a new position in shares of Adobe in the second quarter worth about $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the topic of a number of research analyst reports. Mizuho reiterated a “buy” rating and issued a $640.00 target price (down from $680.00) on shares of Adobe in a research report on Friday, June 7th. Sanford C. Bernstein boosted their target price on Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a research report on Monday, June 17th. Citigroup decreased their target price on Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a research report on Monday, June 10th. Oppenheimer reiterated an “outperform” rating and issued a $580.00 target price on shares of Adobe in a research report on Friday, June 14th. Finally, Melius downgraded Adobe from a “buy” rating to a “hold” rating and set a $510.00 target price on the stock. in a research report on Monday, June 10th. 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. According to data from MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and a consensus price target of $601.38.

Adobe Stock Down 0.3 %

NASDAQ ADBE traded down $1.57 during midday trading on Wednesday, hitting $560.68. 374,707 shares of the company traded hands, compared to its average volume of 3,261,996. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The company has a market cap of $248.61 billion, a PE ratio of 50.46, a price-to-earnings-growth ratio of 2.85 and a beta of 1.30. The company’s 50-day simple moving average is $541.33 and its 200-day simple moving average is $521.29. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.39 by $0.09. The business 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 last year, the firm earned $3.04 EPS. As a group, equities research analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current year.

Insider Activity

In other news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the sale, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,501,989. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. 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 value of $138,734.64. Following the completion of the transaction, the chief accounting officer now owns 2,740 shares in the company, valued at approximately $1,439,897.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,523 shares of company stock worth $14,994,277. 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.