Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Pine Valley Investments Ltd Liability Co

Pine Valley Investments Ltd Liability Co increased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 30.5% during the 2nd quarter, Holdings Channel reports. The fund owned 22,361 shares of the software company’s stock after purchasing an additional 5,231 shares during the quarter. Adobe makes up about 0.8% of Pine Valley Investments Ltd Liability Co’s investment portfolio, making the stock its 22nd largest position. Pine Valley Investments Ltd Liability Co’s holdings in Adobe were worth $12,422,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors also recently bought and sold shares of the stock. Barlow Wealth Partners Inc. purchased a new position in shares of Adobe in the 4th quarter valued at about $16,700,000. Vise Technologies Inc. increased its position in shares of Adobe by 267.3% in the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock valued at $4,635,000 after buying an additional 5,654 shares in the last quarter. Steph & Co. increased its position in shares of Adobe by 63.8% in 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 in the last quarter. International Assets Investment Management LLC lifted its position in shares of Adobe by 16.2% during the 1st quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock valued at $1,435,000 after buying an additional 398 shares in the last quarter. Finally, Ashburton Jersey Ltd grew its stake in Adobe by 6.2% in the 4th quarter. Ashburton Jersey Ltd now owns 6,530 shares of the software company’s stock valued at $3,896,000 after acquiring an additional 379 shares during the period. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other 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 value of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the transaction, the chief accounting officer now owns 2,740 shares in the company, valued at $1,439,897.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred 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 directly owns 2,797 shares in the company, valued at $1,501,989. The disclosure for this sale can be found here. In the last 90 days, insiders sold 27,523 shares of company stock valued at $14,994,277. 0.15% of the stock is owned by insiders.

Adobe Stock Up 0.8 %

ADBE traded up $4.78 during midday trading on Friday, hitting $574.41. The company had a trading volume of 1,982,970 shares, compared to its average volume of 3,201,657. The stock’s 50 day moving average price is $550.32 and its 200 day moving average price is $519.64. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $254.69 billion, a price-to-earnings ratio of 51.61, a PEG ratio of 2.85 and a beta of 1.30.

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

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Barclays boosted their target price on Adobe from $630.00 to $650.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. Melius cut shares of Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective for the company. in a research report on Monday, June 10th. Stifel Nicolaus reduced their price target on shares of Adobe from $625.00 to $600.00 and set a “buy” rating on the stock in a research report on Friday, June 7th. 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 note on Friday, June 14th. Finally, StockNews.com lowered Adobe from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and a consensus 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.