Bright Futures Wealth Management LLC. Buys New Holdings in Adobe Inc. (NASDAQ:ADBE)

Bright Futures Wealth Management LLC. bought a new stake in Adobe Inc. (NASDAQ:ADBE) during the 1st quarter, HoldingsChannel reports. The institutional investor bought 586 shares of the software company’s stock, valued at approximately $320,000.

Several other hedge funds have also recently added to or reduced their stakes in ADBE. Barlow Wealth Partners Inc. acquired a new stake in Adobe during the fourth quarter worth approximately $16,700,000. Federated Hermes Inc. raised its holdings in Adobe by 22.6% during the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock worth $133,440,000 after purchasing an additional 41,164 shares in the last quarter. Vise Technologies Inc. raised its holdings in Adobe by 267.3% during the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock worth $4,635,000 after purchasing an additional 5,654 shares in the last quarter. Steph & Co. raised its holdings in Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares in the last quarter. Finally, Naviter Wealth LLC raised its holdings in Adobe by 39.7% during the fourth quarter. Naviter Wealth LLC now owns 3,502 shares of the software company’s stock worth $2,089,000 after purchasing an additional 996 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 264 shares of the stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the sale, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The disclosure for this sale can be found here. Insiders sold 27,523 shares of company stock valued at $14,994,277 over the last 90 days. 0.15% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research firms have weighed in on ADBE. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Friday, June 14th. JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $570.00 to $580.00 in a report on Friday, June 14th. Evercore ISI reiterated an “outperform” rating and issued a $650.00 price objective on shares of Adobe in a research report on Friday, June 7th. Stifel Nicolaus lowered their price objective on shares of Adobe from $625.00 to $600.00 and set a “buy” rating on the stock in a research report on Friday, June 7th. Finally, BMO Capital Markets lifted their price objective on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research report on Friday, June 14th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $601.38.

Adobe Trading Down 3.7 %

NASDAQ ADBE traded down $20.24 during mid-day trading on Friday, hitting $526.17. The company’s stock had a trading volume of 2,729,113 shares, compared to its average volume of 2,285,513. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The stock’s fifty day simple moving average is $522.70 and its two-hundred day simple moving average is $528.43. 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 firm has a market capitalization of $233.30 billion, a P/E ratio of 47.27, a price-to-earnings-growth ratio of 2.85 and a beta of 1.30.

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