Waterloo Capital L.P. Acquires 246 Shares of Adobe Inc. (NASDAQ:ADBE)

Waterloo Capital L.P. raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 6.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,106 shares of the software company’s stock after purchasing an additional 246 shares during the quarter. Waterloo Capital L.P.’s holdings in Adobe were worth $2,281,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Tradewinds Capital Management LLC lifted its holdings in shares of Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares during the last quarter. Salomon & Ludwin LLC raised its position in Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares during the period. Summit Securities Group LLC purchased a new stake in Adobe during the second quarter valued at approximately $33,000. Steph & Co. lifted its stake in shares of Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares during the last quarter. Finally, Lynx Investment Advisory purchased a new position in shares of Adobe in the 2nd quarter worth approximately $39,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Adobe Stock Down 1.2 %

Shares of Adobe stock opened at $515.03 on Wednesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The stock has a market cap of $228.36 billion, a price-to-earnings ratio of 46.27, a PEG ratio of 3.03 and a beta of 1.29. The firm’s 50-day moving average is $551.66 and its two-hundred day moving average is $519.07. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the firm earned $3.26 earnings per share. As a group, research analysts expect that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $560.23, for a total value of $857,151.90. Following the sale, the executive vice president now directly owns 20,359 shares in the company, valued at approximately $11,405,722.57. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the transaction, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,259 shares of company stock valued at $14,855,543. 0.15% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ADBE. BMO Capital Markets raised their price target on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research report on Friday, June 14th. Sanford C. Bernstein lowered their target price on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. Piper Sandler reiterated an “overweight” rating and set a $635.00 price target on shares of Adobe in a report on Friday, September 13th. Morgan Stanley reissued an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a research note on Friday, September 13th. Finally, Melius Research restated a “hold” rating and set a $510.00 target price on shares of Adobe in a research report on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $606.58.

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.