CCM Investment Advisers LLC Buys 1,556 Shares of Adobe Inc. (NASDAQ:ADBE)

CCM Investment Advisers LLC lifted its position in Adobe Inc. (NASDAQ:ADBE) by 5.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 27,727 shares of the software company’s stock after buying an additional 1,556 shares during the quarter. Adobe comprises approximately 1.8% of CCM Investment Advisers LLC’s holdings, making the stock its 21st biggest position. CCM Investment Advisers LLC’s holdings in Adobe were worth $15,404,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Tradewinds Capital Management LLC increased its stake in shares of Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after purchasing an additional 40 shares during the last quarter. Salomon & Ludwin LLC grew its holdings in Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares during the period. Wetzel Investment Advisors Inc. acquired a new position in Adobe during the fourth quarter worth approximately $35,000. Lynx Investment Advisory bought a new stake in Adobe in the second quarter valued at approximately $39,000. Finally, Steph & Co. lifted its position in shares of Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ADBE. JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Friday, June 14th. Wells Fargo & Company increased their price objective on shares of Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a research report on Friday, June 14th. Robert W. Baird raised their target price on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research note on Friday, June 14th. KeyCorp upped their price target on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research note on Friday, June 14th. Finally, Stifel Nicolaus cut their price objective on shares of Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a research report on Friday, June 7th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat, Adobe has an average rating of “Moderate Buy” and an average price target of $601.38.

Insider Activity at Adobe

In related news, CAO Mark S. Garfield sold 264 shares of the 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 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 through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 264 shares of the company’s 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 transaction, 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 through the SEC website. Also, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. The disclosure for this sale can be found here. In the last three months, insiders have sold 27,523 shares of company stock valued at $14,994,277. 0.15% of the stock is owned by insiders.

Adobe Price Performance

Shares of ADBE stock traded up $6.06 during trading hours on Friday, reaching $536.30. The company’s stock had a trading volume of 1,272,331 shares, compared to its average volume of 3,346,469. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The firm’s 50 day simple moving average is $526.51 and its 200-day simple moving average is $526.60. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $237.80 billion, a price-to-earnings ratio of 48.11, a PEG ratio of 2.85 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating the consensus estimate of $4.39 by $0.09. The business had revenue of $5.31 billion for the quarter, compared to analyst estimates of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. Adobe’s revenue was up 10.2% compared to the same quarter last year. During the same period last year, the firm posted $3.04 earnings per share. Sell-side 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.