OV Management LLC Raises Stake in Adobe Inc. (NASDAQ:ADBE)

OV Management LLC boosted its position in Adobe Inc. (NASDAQ:ADBE) by 1.0% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 4,598 shares of the software company’s stock after purchasing an additional 44 shares during the period. Adobe comprises approximately 1.8% of OV Management LLC’s investment portfolio, making the stock its 14th largest position. OV Management LLC’s holdings in Adobe were worth $2,554,000 as of its most recent SEC filing.

Several other hedge funds and 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% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after purchasing an additional 40 shares during the period. Salomon & Ludwin LLC boosted its stake in shares of Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares during the period. Summit Securities Group LLC purchased a new stake in shares of Adobe during the second quarter valued at approximately $33,000. Steph & Co. boosted its stake in shares of Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares during the period. Finally, Lynx Investment Advisory purchased a new stake in shares of Adobe during the second quarter valued at approximately $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently weighed in on ADBE shares. Melius Research reissued a “hold” rating and set a $510.00 price objective on shares of Adobe in a research note on Monday, June 10th. Sanford C. Bernstein dropped their price objective on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research note on Friday. Bank of America restated a “buy” rating and set a $640.00 target price on shares of Adobe in a report on Friday. KeyCorp upped their target price on Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a report on Friday, June 14th. Finally, Citigroup upped their target price on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-one have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $608.83.

Adobe Trading Down 8.5 %

Adobe stock opened at $536.87 on Friday. 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 Inc. has a one year low of $433.97 and a one year high of $638.25. The stock has a market capitalization of $238.05 billion, a PE ratio of 48.24, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. The business’s fifty day moving average is $553.76 and its 200 day moving average is $520.19.

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

Insider Activity at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 264 shares of the firm’s 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 completion of the transaction, the chief accounting officer now directly owns 2,740 shares in the company, valued at $1,439,897.40. The disclosure for this sale can be found here. Insiders have sold 27,523 shares of company stock valued at $14,994,277 over the last ninety days. 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.