Davidson Investment Advisors Boosts Holdings in Adobe Inc. (NASDAQ:ADBE)

Davidson Investment Advisors lifted its stake in Adobe Inc. (NASDAQ:ADBE) by 0.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,969 shares of the software company’s stock after buying an additional 111 shares during the period. Davidson Investment Advisors’ holdings in Adobe were worth $17,099,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of ADBE. VELA Investment Management LLC grew its position in shares of Adobe by 122.2% in the 1st quarter. VELA Investment Management LLC now owns 1,958 shares of the software company’s stock valued at $892,000 after buying an additional 1,077 shares during the last quarter. Bornite Capital Management LP purchased a new position in Adobe during the 1st quarter worth $15,947,000. United Bank grew its position in Adobe by 34.7% during the 1st quarter. United Bank now owns 2,109 shares of the software company’s stock worth $961,000 after purchasing an additional 543 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Adobe by 21.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 525,897 shares of the software company’s stock worth $239,609,000 after purchasing an additional 91,328 shares during the last quarter. Finally, Ergoteles LLC grew its position in Adobe by 138.3% during the 1st quarter. Ergoteles LLC now owns 6,651 shares of the software company’s stock worth $3,030,000 after purchasing an additional 3,860 shares during the last quarter. 80.00% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Adobe

In other Adobe news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $553.18, for a total transaction of $53,105.28. Following the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,243,144.90. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other Adobe news, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction dated Monday, September 18th. The shares were sold at an average price of $524.70, for a total transaction of $138,520.80. Following the transaction, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,127,658.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $553.18, for a total transaction of $53,105.28. Following the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,243,144.90. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,467 shares of company stock valued at $1,337,400. Company insiders own 0.24% of the company’s stock.

Adobe Trading Up 1.6 %

Adobe stock traded up $9.77 during trading on Monday, reaching $612.43. The company had a trading volume of 1,139,541 shares, compared to its average volume of 3,096,130. Adobe Inc. has a 12-month low of $318.60 and a 12-month high of $613.71. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.25 and a current ratio of 1.25. The firm has a market capitalization of $278.84 billion, a price-to-earnings ratio of 54.24, a PEG ratio of 3.43 and a beta of 1.33. The stock’s 50 day moving average price is $544.87 and its two-hundred day moving average price is $500.52.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 14th. The software company reported $4.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.98 by $0.11. Adobe had a net margin of 27.11% and a return on equity of 37.73%. The company had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $4.87 billion. During the same period last year, the firm posted $2.63 EPS. The company’s revenue for the quarter was up 10.3% on a year-over-year basis. As a group, equities analysts expect that Adobe Inc. will post 12.81 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. StockNews.com assumed coverage on shares of Adobe in a research report on Thursday, October 5th. They set a “buy” rating on the stock. Wells Fargo & Company raised their target price on shares of Adobe from $600.00 to $625.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 12th. Deutsche Bank Aktiengesellschaft raised their target price on shares of Adobe from $550.00 to $610.00 and gave the stock a “buy” rating in a research note on Friday, September 15th. The Goldman Sachs Group raised their target price on shares of Adobe from $550.00 to $625.00 and gave the stock a “buy” rating in a research note on Friday, September 15th. Finally, Oppenheimer upgraded shares of Adobe from a “market perform” rating to an “outperform” rating and set a $660.00 target price for the company in a research note on Thursday, October 26th. Seven equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $603.22.

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.