Van ECK Associates Corp Acquires 427,614 Shares of Adobe Inc. (NASDAQ:ADBE)

Van ECK Associates Corp grew its position in shares of Adobe Inc. (NASDAQ:ADBE) by 95.4% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 875,840 shares of the software company’s stock after purchasing an additional 427,614 shares during the quarter. Van ECK Associates Corp owned approximately 0.20% of Adobe worth $486,564,000 as of its most recent SEC filing.

Several other institutional investors have also recently modified their holdings of the company. Sound View Wealth Advisors Group LLC increased its position in shares of Adobe by 2.5% during the 4th quarter. Sound View Wealth Advisors Group LLC now owns 696 shares of the software company’s stock valued at $415,000 after purchasing an additional 17 shares during the last quarter. Wade G W & Inc. increased its position in shares of Adobe by 0.5% during the 4th quarter. Wade G W & Inc. now owns 3,712 shares of the software company’s stock valued at $2,215,000 after purchasing an additional 18 shares during the last quarter. Invst LLC boosted its holdings in Adobe by 2.1% during the 4th quarter. Invst LLC now owns 934 shares of the software company’s stock valued at $567,000 after acquiring an additional 19 shares during the period. Onyx Bridge Wealth Group LLC boosted its holdings in Adobe by 3.9% during the 2nd quarter. Onyx Bridge Wealth Group LLC now owns 506 shares of the software company’s stock valued at $281,000 after acquiring an additional 19 shares during the period. Finally, HTLF Bank boosted its holdings in Adobe by 3.3% during the 2nd quarter. HTLF Bank now owns 588 shares of the software company’s stock valued at $327,000 after acquiring an additional 19 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Adobe Stock Up 0.8 %

ADBE stock traded up $4.78 on Friday, reaching $574.41. 1,982,970 shares of the company traded hands, compared to its average volume of 1,860,796. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. 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 $254.69 billion, a P/E ratio of 51.61, a price-to-earnings-growth ratio of 3.00 and a beta of 1.30. The firm has a fifty day simple moving average of $550.32 and a 200-day simple moving average of $519.07.

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

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on ADBE shares. Oppenheimer restated an “outperform” rating and set a $580.00 target price on shares of Adobe in a report on Friday, June 14th. Sanford C. Bernstein increased their target price on Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a report on Monday, June 17th. StockNews.com cut Adobe from a “buy” rating to a “hold” rating in a report on Friday, August 23rd. KeyCorp increased 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, Melius cut Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective for the company. in a report on Monday, June 10th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat, Adobe currently has an average rating of “Moderate Buy” and an average price target of $601.38.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the sale, the executive vice president now owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Adobe news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $258,297.00. Following the completion of the sale, the executive vice president now directly owns 19,658 shares in the company, valued at approximately $10,556,346. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief accounting officer now directly owns 2,797 shares in the company, 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 valued at $14,994,277. Corporate insiders own 0.15% of the company’s stock.

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.