Single Point Partners LLC Acquires Shares of 514 Adobe Inc (NASDAQ:ADBE)

Single Point Partners LLC bought a new stake in shares of Adobe Inc (NASDAQ:ADBE) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 514 shares of the software company’s stock, valued at approximately $224,000.

Several other hedge funds have also added to or reduced their stakes in ADBE. Copper Rock Capital Partners LLC raised its position in shares of Adobe by 6,598.7% during the 2nd quarter. Copper Rock Capital Partners LLC now owns 2,769,030 shares of the software company’s stock valued at $1,024,851,000 after buying an additional 2,727,693 shares in the last quarter. BlackRock Inc. raised its position in Adobe by 6.5% in the 1st quarter. BlackRock Inc. now owns 36,445,773 shares of the software company’s stock worth $11,598,502,000 after purchasing an additional 2,219,627 shares during the period. Akre Capital Management LLC purchased a new stake in Adobe in the 1st quarter worth about $362,794,000. Fisher Asset Management LLC raised its position in Adobe by 24.3% in the 1st quarter. Fisher Asset Management LLC now owns 5,131,883 shares of the software company’s stock worth $1,633,171,000 after purchasing an additional 1,003,724 shares during the period. Finally, Assenagon Asset Management S.A. raised its position in Adobe by 336.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 831,127 shares of the software company’s stock worth $264,498,000 after purchasing an additional 640,483 shares during the period. Hedge funds and other institutional investors own 84.20% of the company’s stock.

In other Adobe news, EVP Scott Belsky sold 600 shares of Adobe stock in a transaction on Friday, May 15th. The shares were sold at an average price of $352.45, for a total value of $211,470.00. Following the completion of the transaction, the executive vice president now owns 12,817 shares of the company’s stock, valued at $4,517,351.65. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Dana Rao sold 2,025 shares of Adobe stock in a transaction dated Tuesday, June 16th. The shares were sold at an average price of $411.61, for a total transaction of $833,510.25. Following the completion of the sale, the executive vice president now owns 17,198 shares in the company, valued at approximately $7,078,868.78. The disclosure for this sale can be found here. Insiders sold 73,316 shares of company stock valued at $31,271,310 in the last ninety days. 0.31% of the stock is owned by corporate insiders.

A number of analysts recently weighed in on the stock. Griffin Securities increased their price objective on shares of Adobe from $334.00 to $427.00 and gave the stock a “buy” rating in a research report on Friday, June 12th. Zacks Investment Research downgraded shares of Adobe from a “hold” rating to a “sell” rating and set a $421.00 target price on the stock. in a research note on Tuesday, June 16th. JPMorgan Chase & Co. upped their target price on shares of Adobe from $325.00 to $430.00 and gave the stock an “overweight” rating in a research note on Friday, June 12th. Oppenheimer upped their target price on shares of Adobe from $410.00 to $430.00 and gave the stock an “outperform” rating in a research note on Thursday, June 11th. Finally, Robert W. Baird upped their target price on shares of Adobe from $345.00 to $460.00 and gave the stock an “outperform” rating in a research note on Friday, June 12th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have given a buy rating to the stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $407.43.

Shares of Adobe stock traded up $5.44 during trading on Friday, hitting $444.32. 2,035,254 shares of the company’s stock were exchanged, compared to its average volume of 2,376,558. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.29 and a current ratio of 1.29. The business has a 50-day simple moving average of $434.17 and a 200-day simple moving average of $370.59. Adobe Inc has a 52-week low of $255.13 and a 52-week high of $470.61. The stock has a market capitalization of $213.13 billion, a price-to-earnings ratio of 58.62, a PEG ratio of 3.41 and a beta of 0.93.

Adobe (NASDAQ:ADBE) last issued its earnings results on Thursday, June 11th. The software company reported $2.45 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.33 by $0.12. Adobe had a net margin of 30.72% and a return on equity of 35.53%. The firm had revenue of $3.13 billion during the quarter, compared to analysts’ expectations of $3.16 billion. During the same quarter last year, the company posted $1.83 earnings per share. The firm’s revenue was up 14.1% compared to the same quarter last year. On average, equities analysts anticipate that Adobe Inc will post 8.05 earnings per share for the current fiscal year.

Adobe Profile

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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