Davidson Investment Advisors Has $17.10 Million Position in Adobe Inc. (NASDAQ:ADBE)

Davidson Investment Advisors grew its position in Adobe Inc. (NASDAQ:ADBE) by 0.3% during the 2nd quarter, Holdings Channel reports. The firm owned 34,969 shares of the software company’s stock after purchasing an additional 111 shares during the quarter. Davidson Investment Advisors’ holdings in Adobe were worth $17,099,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Bank Julius Baer & Co. Ltd Zurich raised its holdings in shares of Adobe by 98,757.4% in the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 491,290,538 shares of the software company’s stock valued at $240,236,160,000 after buying an additional 490,793,569 shares during the last quarter. State Street Corp raised its holdings in shares of Adobe by 1.5% in the first quarter. State Street Corp now owns 18,632,322 shares of the software company’s stock valued at $7,180,322,000 after buying an additional 269,173 shares during the last quarter. Morgan Stanley raised its holdings in shares of Adobe by 17.7% in the fourth quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock valued at $3,299,433,000 after buying an additional 1,471,861 shares during the last quarter. Norges Bank bought a new position in shares of Adobe in the fourth quarter valued at about $1,757,029,000. Finally, Moneta Group Investment Advisors LLC raised its holdings in shares of Adobe by 115,991.0% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 3,248,225 shares of the software company’s stock valued at $1,093,125,000 after buying an additional 3,245,427 shares during the last quarter. Institutional investors and hedge funds own 80.00% of the company’s stock.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 1,991 shares of the firm’s stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $544.39, for a total value of $1,083,880.49. Following the sale, the executive vice president now directly owns 21,467 shares of the company’s stock, valued at $11,686,420.13. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $553.18, for a total transaction of $53,105.28. Following the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at $2,243,144.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 1,991 shares of the firm’s stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $544.39, for a total value of $1,083,880.49. Following the transaction, the executive vice president now owns 21,467 shares of the company’s stock, valued at $11,686,420.13. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,467 shares of company stock valued at $1,337,400. 0.24% of the stock is owned by corporate insiders.

Adobe Stock Performance

ADBE stock traded up $9.77 during trading hours on Monday, hitting $612.43. 1,139,541 shares of the stock were exchanged, compared to its average volume of 3,096,130. The company has a current ratio of 1.25, a quick ratio of 1.25 and a debt-to-equity ratio of 0.23. The firm has a market capitalization of $278.84 billion, a P/E ratio of 54.24, a P/E/G ratio of 3.43 and a beta of 1.33. The company has a 50-day simple moving average of $544.87 and a two-hundred day simple moving average of $500.52. Adobe Inc. has a 12 month low of $318.60 and a 12 month high of $613.71.

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

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ADBE. Wells Fargo & Company boosted their price objective on Adobe from $600.00 to $625.00 and gave the stock an “overweight” rating in a report on Tuesday, September 12th. HSBC started coverage on Adobe in a research note on Friday, September 29th. They issued a “hold” rating and a $519.00 price target for the company. Evercore ISI upped their price target on Adobe from $590.00 to $605.00 and gave the company an “outperform” rating in a research note on Friday, September 15th. Citigroup upped their price target on Adobe from $544.00 to $570.00 and gave the company a “neutral” rating in a research note on Wednesday, September 13th. Finally, UBS Group upped their price target on Adobe from $525.00 to $600.00 and gave the company a “neutral” rating in a research note on Wednesday, September 6th. Seven research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $603.22.

Adobe Profile

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.