Prime Capital Investment Advisors LLC Has $25.51 Million Holdings in Adobe Inc. (NASDAQ:ADBE)

Prime Capital Investment Advisors LLC decreased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 16.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 45,913 shares of the software company’s stock after selling 8,982 shares during the quarter. Prime Capital Investment Advisors LLC’s holdings in Adobe were worth $25,507,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the company. Tradewinds Capital Management LLC increased its holdings in Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after purchasing an additional 40 shares in the last quarter. Salomon & Ludwin LLC increased its stake in shares of Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after acquiring an additional 45 shares in the last quarter. Summit Securities Group LLC bought a new stake in shares of Adobe in the 2nd quarter valued at $33,000. 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 acquiring an additional 30 shares during the period. Finally, Lynx Investment Advisory bought a new position in Adobe during the second quarter worth $39,000. Institutional investors own 81.79% of the company’s stock.

Insider Activity

In related news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the sale, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the transaction, the chief accounting officer now directly owns 2,740 shares in the company, valued at approximately $1,439,897.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott Belsky sold 481 shares of the 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 sale, the executive vice president now owns 19,658 shares in the company, valued at approximately $10,556,346. The disclosure for this sale can be found here. Insiders have sold 27,523 shares of company stock valued at $14,994,277 in the last 90 days. Insiders own 0.15% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the topic of several research reports. BMO Capital Markets upped their price objective on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a report on Friday, June 14th. Piper Sandler Companies reaffirmed an “overweight” rating and set a $635.00 price target on shares of Adobe in a research note on Friday, July 12th. KeyCorp raised their price objective on Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research note on Friday, June 14th. Robert W. Baird upped their target price on Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research report on Friday, June 14th. Finally, Bank of America reissued a “buy” rating and issued a $640.00 price target on shares of Adobe in a research report on Friday. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $608.83.

Adobe Stock Performance

Shares of ADBE stock opened at $536.87 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The firm has a market cap of $238.05 billion, a price-to-earnings ratio of 48.24, a P/E/G ratio of 3.03 and a beta of 1.29. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The firm’s 50-day simple moving average is $553.76 and its two-hundred day simple moving average is $519.96.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $5.37 billion. During the same quarter in the previous year, the firm posted $3.26 EPS. Adobe’s revenue was up 10.6% on a year-over-year basis. As a group, equities analysts forecast that Adobe Inc. will post 14.69 earnings per share 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.