Adobe Inc. (NASDAQ:ADBE) Position Increased by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. raised its position in shares of Adobe Inc. (NASDAQ:ADBE) by 4.7% in the second quarter, Holdings Channel.com reports. The institutional investor owned 95,450 shares of the software company’s stock after buying an additional 4,280 shares during the period. Adobe comprises 0.7% of Oppenheimer Asset Management Inc.’s holdings, making the stock its 23rd largest position. Oppenheimer Asset Management Inc.’s holdings in Adobe were worth $53,026,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Adobe by 1.0% during the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock valued at $20,511,473,000 after buying an additional 382,803 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Adobe by 17.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after purchasing an additional 1,146,718 shares during the period. Norges Bank acquired a new position in shares of Adobe in the 4th quarter valued at about $3,277,785,000. Concentrum Wealth Management increased its holdings in shares of Adobe by 11.3% in the 4th quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock valued at $1,435,194,000 after purchasing an additional 244,008 shares during the period. Finally, Brown Advisory Inc. increased its holdings in shares of Adobe by 5.4% in the 4th quarter. Brown Advisory Inc. now owns 2,388,198 shares of the software company’s stock valued at $1,424,799,000 after purchasing an additional 122,738 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Down 8.5 %

ADBE opened at $536.87 on Friday. Adobe Inc. has a 1-year low of $433.97 and a 1-year 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 $238.05 billion, a price-to-earnings ratio of 48.24, a P/E/G ratio of 3.03 and a beta of 1.29. The business has a 50 day moving average of $553.76 and a 200-day moving average of $520.19.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. During the same period in the prior year, the business earned $3.26 earnings per share. As a group, sell-side analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current year.

Insider Buying and Selling

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 directly owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The sale was disclosed in a document filed with the SEC, which can be accessed 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 directly owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 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 directly owns 2,797 shares of the company’s stock, valued at $1,501,989. 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 over the last ninety days. 0.15% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have recently weighed in on ADBE. Oppenheimer reiterated an “outperform” rating and issued a $625.00 target price on shares of Adobe in a report on Friday. Bank of America reiterated a “buy” rating and issued a $640.00 target price on shares of Adobe in a report on Friday. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a report on Friday. Melius Research reiterated a “hold” rating and issued a $510.00 target price on shares of Adobe in a report on Monday, June 10th. Finally, BMO Capital Markets increased their price objective on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and a consensus target price of $608.83.

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.