Sunbelt Securities Inc. increased its position in Adobe Inc. (NASDAQ:ADBE – Free Report) by 6.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,872 shares of the software company’s stock after buying an additional 463 shares during the quarter. Sunbelt Securities Inc.’s holdings in Adobe were worth $3,006,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently bought and sold shares of ADBE. NewSquare Capital LLC lifted its position in Adobe by 278.9% in the 1st quarter. NewSquare Capital LLC now owns 72 shares of the software company’s stock worth $28,000 after buying an additional 53 shares during the last quarter. Financial Freedom LLC purchased a new position in shares of Adobe during the fourth quarter valued at approximately $29,000. Financial Management Professionals Inc. increased its stake in shares of Adobe by 171.0% during the first quarter. Financial Management Professionals Inc. now owns 84 shares of the software company’s stock valued at $32,000 after buying an additional 53 shares during the period. Fortis Capital Advisors LLC purchased a new position in shares of Adobe during the fourth quarter valued at approximately $35,000. Finally, Steward Financial Group LLC boosted its position in shares of Adobe by 60.0% during the first quarter. Steward Financial Group LLC now owns 96 shares of the software company’s stock valued at $36,000 after purchasing an additional 36 shares in the last quarter. Institutional investors own 80.00% of the company’s stock.
Insider Activity
In other news, CAO Mark S. Garfield sold 298 shares of the stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $526.74, for a total transaction of $156,968.52. Following the completion of the transaction, the chief accounting officer now directly owns 4,055 shares in the company, valued at approximately $2,135,930.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Scott Belsky sold 2,191 shares of the firm’s stock in a transaction on Monday, July 24th. The stock was sold at an average price of $520.00, for a total value of $1,139,320.00. Following the completion of the sale, the executive vice president now directly owns 23,775 shares in the company, valued at $12,363,000. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Mark S. Garfield sold 298 shares of the firm’s stock in a transaction on Friday, August 4th. The stock was sold at an average price of $526.74, for a total value of $156,968.52. Following the completion of the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at $2,135,930.70. The disclosure for this sale can be found here. In the last ninety days, insiders sold 43,089 shares of company stock worth $20,720,115. 0.24% of the stock is currently owned by insiders.
Analysts Set New Price Targets
View Our Latest Research Report on Adobe
Adobe Trading Down 3.9 %
Adobe stock opened at $542.21 on Wednesday. The firm has a 50 day moving average of $526.47 and a 200 day moving average of $439.10. The firm has a market capitalization of $247.14 billion, a price-to-earnings ratio of 51.74, a P/E/G ratio of 3.36 and a beta of 1.33. Adobe Inc. has a 12-month low of $274.73 and a 12-month high of $570.24. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.24.
Adobe (NASDAQ:ADBE – Get Free Report) last posted its earnings results on Thursday, June 15th. The software company reported $3.91 EPS for the quarter, beating analysts’ consensus estimates of $3.79 by $0.12. The firm had revenue of $4.82 billion during the quarter, compared to the consensus estimate of $4.77 billion. Adobe had a return on equity of 36.84% and a net margin of 26.34%. The company’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same period in the prior year, the company earned $2.70 EPS. As a group, research analysts predict that Adobe Inc. will post 12.56 earnings per share for the current year.
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.
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