Bamco Inc. NY Increases Stock Position in Adobe Inc. (NASDAQ:ADBE)

Bamco Inc. NY increased its position in Adobe Inc. (NASDAQ:ADBE) by 74.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 18,505 shares of the software company’s stock after purchasing an additional 7,900 shares during the quarter. Bamco Inc. NY’s holdings in Adobe were worth $9,338,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD boosted its stake in Adobe by 17.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after acquiring an additional 1,146,718 shares during the last quarter. BOKF NA boosted its stake in Adobe by 30.3% during the 1st quarter. BOKF NA now owns 38,862 shares of the software company’s stock valued at $19,512,000 after acquiring an additional 9,033 shares during the last quarter. Kestra Advisory Services LLC boosted its stake in Adobe by 11.9% during the 1st quarter. Kestra Advisory Services LLC now owns 29,521 shares of the software company’s stock valued at $14,896,000 after acquiring an additional 3,148 shares during the last quarter. Beck Capital Management LLC boosted its stake in Adobe by 92.2% during the 1st quarter. Beck Capital Management LLC now owns 7,161 shares of the software company’s stock valued at $3,614,000 after acquiring an additional 3,435 shares during the last quarter. Finally, Steel Grove Capital Advisors LLC raised its holdings in shares of Adobe by 56.7% during the first quarter. Steel Grove Capital Advisors LLC now owns 1,757 shares of the software company’s stock worth $887,000 after purchasing an additional 636 shares during the period. 81.79% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on ADBE. StockNews.com cut shares of Adobe from a “buy” rating to a “hold” rating in a report on Friday, July 12th. Citigroup dropped their price objective on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a report on Monday, June 10th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $600.00 price objective on shares of Adobe in a report on Friday, June 14th. Oppenheimer reissued an “outperform” rating and set a $580.00 target price on shares of Adobe in a research note on Friday, June 14th. Finally, Robert W. Baird raised their target price on shares of Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a research note on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $603.33.

Adobe Trading Down 0.7 %

Shares of ADBE traded down $3.64 during midday trading on Monday, hitting $538.80. The stock had a trading volume of 727,135 shares, compared to its average volume of 3,412,498. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The business has a 50-day simple moving average of $516.90 and a two-hundred day simple moving average of $529.95. The firm has a market cap of $238.90 billion, a P/E ratio of 48.74, a price-to-earnings-growth ratio of 2.83 and a beta of 1.30. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. During the same period last year, the company posted $3.04 earnings per share. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. As a group, equities analysts forecast that Adobe Inc. will post 14.69 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The shares were sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the completion of the sale, the executive vice president now directly owns 21,114 shares in the company, valued at $10,014,370.20. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the sale, the chief accounting officer now directly owns 2,740 shares in the company, valued at $1,439,897.40. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the firm’s stock in a transaction that occurred on Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total transaction of $1,286,775.90. Following the sale, the executive vice president now owns 21,114 shares of the company’s stock, valued at $10,014,370.20. The disclosure for this sale can be found here. Insiders sold a total of 30,236 shares of company stock worth $16,281,053 over the last ninety days. 0.15% of the stock is currently owned by company insiders.

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.