Icon Advisers Inc. Co. Boosts Holdings in Adobe Inc (NASDAQ:ADBE)

Icon Advisers Inc. Co. grew its position in shares of Adobe Inc (NASDAQ:ADBE) by 26.5% during the second quarter, HoldingsChannel reports. The firm owned 27,831 shares of the software company’s stock after buying an additional 5,832 shares during the period. Icon Advisers Inc. Co.’s holdings in Adobe were worth $8,200,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of ADBE. Comerica Bank increased its stake in shares of Adobe by 0.7% in the second quarter. Comerica Bank now owns 129,848 shares of the software company’s stock worth $40,174,000 after buying an additional 903 shares during the last quarter. Next Capital Management LLC increased its stake in shares of Adobe by 123.0% in the second quarter. Next Capital Management LLC now owns 426 shares of the software company’s stock worth $126,000 after buying an additional 235 shares during the last quarter. Wealth Enhancement Advisory Services LLC bought a new stake in shares of Adobe in the second quarter worth $1,860,000. Envestnet Asset Management Inc. increased its stake in shares of Adobe by 13.7% in the second quarter. Envestnet Asset Management Inc. now owns 422,603 shares of the software company’s stock worth $124,520,000 after buying an additional 50,885 shares during the last quarter. Finally, Parsons Capital Management Inc. RI bought a new stake in shares of Adobe in the second quarter worth $1,090,000. Institutional investors own 86.37% of the company’s stock.

A number of brokerages recently issued reports on ADBE. Royal Bank of Canada restated an “outperform” rating and issued a $295.00 price target on shares of Adobe in a research note on Wednesday, June 19th. Zacks Investment Research downgraded shares of Adobe from a “buy” rating to a “hold” rating in a report on Wednesday, May 15th. Wedbush boosted their price target on shares of Adobe from $270.00 to $290.00 and gave the company a “neutral” rating in a report on Wednesday, June 19th. BidaskClub downgraded shares of Adobe from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Finally, Morgan Stanley raised shares of Adobe from an “equal weight” rating to an “overweight” rating and boosted their price target for the company from $282.00 to $340.00 in a report on Monday, April 29th. Nine investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus price target of $301.69.



In other news, EVP Ann Lewnes sold 3,000 shares of the company’s stock in a transaction dated Wednesday, June 19th. The stock was sold at an average price of $287.00, for a total value of $861,000.00. Following the transaction, the executive vice president now owns 58,458 shares in the company, valued at approximately $16,777,446. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Charles M. Geschke sold 13,795 shares of the company’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $289.96, for a total value of $3,999,998.20. The disclosure for this sale can be found here. Insiders sold a total of 26,627 shares of company stock worth $7,829,264 in the last quarter. 0.32% of the stock is owned by corporate insiders.

NASDAQ ADBE traded up $4.78 on Friday, hitting $287.49. 421,437 shares of the company were exchanged, compared to its average volume of 2,252,291. The company’s 50 day moving average price is $300.91 and its 200-day moving average price is $277.68. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.70 and a quick ratio of 0.70. The firm has a market capitalization of $142.32 billion, a P/E ratio of 51.80, a price-to-earnings-growth ratio of 2.66 and a beta of 1.08. Adobe Inc has a twelve month low of $204.95 and a twelve month high of $313.11.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Tuesday, June 18th. The software company reported $1.83 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.78 by $0.05. The firm had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.70 billion. Adobe had a return on equity of 29.96% and a net margin of 26.25%. The business’s revenue for the quarter was up 25.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.66 EPS. As a group, equities analysts expect that Adobe Inc will post 6.3 EPS for the current year.

About Adobe

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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