Elkhorn Partners Limited Partnership Acquires New Position in Adobe Inc. (NASDAQ:ADBE)

Elkhorn Partners Limited Partnership acquired a new stake in Adobe Inc. (NASDAQ:ADBE) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 125 shares of the software company’s stock, valued at approximately $69,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ADBE. Concentrum Wealth Management increased its holdings in Adobe by 11.3% in the fourth quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock valued at $1,435,194,000 after buying an additional 244,008 shares during the last quarter. Aveo Capital Partners LLC boosted its stake in Adobe by 5.9% in the fourth quarter. Aveo Capital Partners LLC now owns 932 shares of the software company’s stock valued at $556,000 after acquiring an additional 52 shares during the period. Gryphon Financial Partners LLC boosted its stake in Adobe by 22.7% in the fourth quarter. Gryphon Financial Partners LLC now owns 3,561 shares of the software company’s stock valued at $2,066,000 after acquiring an additional 658 shares during the period. TrinityPoint Wealth LLC boosted its stake in Adobe by 3.0% in the fourth quarter. TrinityPoint Wealth LLC now owns 1,097 shares of the software company’s stock valued at $654,000 after acquiring an additional 32 shares during the period. Finally, Sachetta LLC acquired a new position in Adobe in the fourth quarter valued at approximately $83,000. 81.79% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on ADBE. Mizuho restated a “buy” rating and issued a $640.00 target price (down from $680.00) on shares of Adobe in a research note on Friday, June 7th. Citigroup lifted their target price on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research note on Wednesday, September 11th. TD Cowen reduced their price objective on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research report on Monday, June 10th. Robert W. Baird boosted their price objective on Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research report on Friday, June 14th. Finally, Melius Research reiterated a “hold” rating and set a $510.00 price objective on shares of Adobe in a research report on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and an average target price of $606.58.

Insider Buying and Selling at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the sale, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, EVP Scott Belsky sold 1,530 shares of the company’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $560.23, for a total value of $857,151.90. Following the completion of the sale, the executive vice president now directly owns 20,359 shares in the company, valued at $11,405,722.57. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The disclosure for this sale can be found here. Insiders have sold a total of 27,259 shares of company stock valued at $14,855,543 in the last three months. 0.15% of the stock is currently owned by company insiders.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $515.03 on Wednesday. The company’s fifty day moving average is $551.66 and its two-hundred day moving average is $519.07. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a market cap of $228.36 billion, a P/E ratio of 46.27, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the previous year, the business earned $3.26 EPS. The company’s revenue was up 10.6% on a year-over-year basis. Equities analysts expect that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

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.