WESPAC Advisors SoCal LLC Grows Position in Adobe Inc. (NASDAQ:ADBE)

WESPAC Advisors SoCal LLC lifted its stake in Adobe Inc. (NASDAQ:ADBE) by 4.2% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 4,926 shares of the software company’s stock after buying an additional 197 shares during the quarter. WESPAC Advisors SoCal LLC’s holdings in Adobe were worth $2,792,000 at the end of the most recent reporting period.

Several other hedge funds also recently added to or reduced their stakes in the company. Genesee Capital Advisors LLC purchased a new position in shares of Adobe in the third quarter worth $2,484,000. IAM Advisory LLC purchased a new stake in Adobe during the third quarter valued at $1,583,000. BEAM Asset Management LLC raised its stake in Adobe by 6.9% during the third quarter. BEAM Asset Management LLC now owns 433 shares of the software company’s stock valued at $249,000 after purchasing an additional 28 shares in the last quarter. Hollencrest Capital Management purchased a new stake in Adobe during the third quarter valued at $606,000. Finally, Financial Management Network Inc. raised its stake in Adobe by 2.3% during the third quarter. Financial Management Network Inc. now owns 2,393 shares of the software company’s stock valued at $1,336,000 after purchasing an additional 53 shares in the last quarter. 81.72% of the stock is currently owned by hedge funds and other institutional investors.

In other news, CEO Shantanu Narayen sold 40,000 shares of the firm’s stock in a transaction dated Friday, September 24th. The stock was sold at an average price of $620.26, for a total value of $24,810,400.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Gloria Chen sold 42 shares of the firm’s stock in a transaction that occurred on Friday, September 24th. The shares were sold at an average price of $628.00, for a total value of $26,376.00. The disclosure for this sale can be found here. Insiders have sold a total of 44,155 shares of company stock valued at $27,445,489 over the last three months. Corporate insiders own 0.23% of the company’s stock.

ADBE has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Adobe in a research note on Monday, November 1st. They set a “buy” rating and a $770.00 price target on the stock. Credit Suisse Group initiated coverage on shares of Adobe in a research report on Tuesday, November 16th. They set a “neutral” rating and a $700.00 price objective on the stock. Jefferies Financial Group boosted their price objective on shares of Adobe from $750.00 to $760.00 and gave the company a “buy” rating in a research report on Wednesday, September 22nd. Oppenheimer boosted their price objective on shares of Adobe from $600.00 to $680.00 and gave the company an “outperform” rating in a research report on Wednesday, September 22nd. Finally, Guggenheim reiterated a “hold” rating on shares of Adobe in a research report on Wednesday, September 22nd. Five analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $693.80.

Shares of NASDAQ ADBE traded up $3.16 during midday trading on Thursday, reaching $668.32. 2,426,171 shares of the stock were exchanged, compared to its average volume of 2,221,317. The firm has a 50-day simple moving average of $630.58 and a two-hundred day simple moving average of $602.04. Adobe Inc. has a twelve month low of $420.78 and a twelve month high of $699.54. The firm has a market cap of $318.39 billion, a price-to-earnings ratio of 55.28, a PEG ratio of 3.43 and a beta of 1.05. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 0.29.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Monday, September 20th. The software company reported $3.11 earnings per share for the quarter, beating analysts’ consensus estimates of $3.01 by $0.10. Adobe had a return on equity of 35.95% and a net margin of 38.67%. The company had revenue of $3.94 billion for the quarter, compared to analyst estimates of $3.90 billion. During the same quarter last year, the firm posted $2.12 EPS. The firm’s revenue for the quarter was up 22.0% on a year-over-year basis. Research analysts expect that Adobe Inc. will post 10.52 EPS for the current fiscal year.

About Adobe

Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Light room and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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