Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Seven Mile Advisory

Seven Mile Advisory increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 12.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,085 shares of the software company’s stock after purchasing an additional 123 shares during the quarter. Seven Mile Advisory’s holdings in Adobe were worth $603,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Steph & Co. lifted its position in shares of Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares in the last quarter. International Assets Investment Management LLC lifted its holdings in Adobe by 16.2% during the first quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock valued at $1,435,000 after purchasing an additional 398 shares in the last quarter. Choreo LLC grew its position in shares of Adobe by 4.7% in the first quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after purchasing an additional 197 shares during the period. Eagle Asset Management Inc. grew its position in shares of Adobe by 14.7% in the fourth quarter. Eagle Asset Management Inc. now owns 24,400 shares of the software company’s stock valued at $14,557,000 after purchasing an additional 3,120 shares during the period. Finally, Quest Partners LLC increased its stake in shares of Adobe by 23.3% during the second quarter. Quest Partners LLC now owns 588 shares of the software company’s stock worth $327,000 after purchasing an additional 111 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Adobe Trading Down 8.5 %

Shares of ADBE stock opened at $536.87 on Friday. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The firm has a market cap 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 company has a 50-day moving average of $553.76 and a two-hundred day moving average of $519.96. 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 (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the company posted $3.26 EPS. On average, analysts predict that Adobe Inc. will post 14.69 EPS for the current year.

Insider Activity

In related news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. In related news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the sale, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,523 shares of company stock valued at $14,994,277. 0.15% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Melius cut Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective on the stock. in a report on Monday, June 10th. Evercore ISI reaffirmed an “outperform” rating and issued a $650.00 price target on shares of Adobe in a research note on Friday, June 7th. Melius Research reissued a “hold” rating and issued a $510.00 price objective on shares of Adobe in a research note on Monday, June 10th. JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $570.00 to $580.00 in a research note on Friday, June 14th. Finally, Bank of America reiterated a “buy” rating and issued a $640.00 target price on shares of Adobe in a research report on Friday. Two investment 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’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $608.83.

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.