CoreCap Advisors LLC Takes Position in Adobe Inc. (NASDAQ:ADBE)

CoreCap Advisors LLC bought a new position in shares of Adobe Inc. (NASDAQ:ADBE) in the 2nd quarter, Holdings Channel.com reports. The institutional investor bought 684 shares of the software company’s stock, valued at approximately $380,000.

Several other institutional investors have also bought and sold shares of ADBE. Valley Wealth Managers Inc. lifted its holdings in shares of Adobe by 35.2% during the second quarter. Valley Wealth Managers Inc. now owns 1,336 shares of the software company’s stock valued at $742,000 after acquiring an additional 348 shares during the period. Federated Hermes Inc. boosted its position in Adobe by 10.7% in the second quarter. Federated Hermes Inc. now owns 268,395 shares of the software company’s stock valued at $149,104,000 after buying an additional 25,871 shares in the last quarter. Executive Wealth Management LLC grew its stake in Adobe by 1,761.3% during the second quarter. Executive Wealth Management LLC now owns 9,958 shares of the software company’s stock worth $5,532,000 after buying an additional 9,423 shares during the last quarter. Meeder Advisory Services Inc. increased its holdings in shares of Adobe by 38.6% during the second quarter. Meeder Advisory Services Inc. now owns 8,958 shares of the software company’s stock worth $4,977,000 after buying an additional 2,495 shares in the last quarter. Finally, DekaBank Deutsche Girozentrale raised its stake in shares of Adobe by 3.1% in the second quarter. DekaBank Deutsche Girozentrale now owns 800,105 shares of the software company’s stock valued at $442,754,000 after acquiring an additional 24,243 shares during the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated 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 completion of the transaction, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction 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 sale, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 27,523 shares of company stock valued at $14,994,277. 0.15% of the stock is owned by corporate insiders.

Adobe Stock Down 8.5 %

Shares of Adobe stock opened at $536.87 on Friday. The company has a market capitalization of $238.05 billion, a P/E ratio of 48.24, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. 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 business has a 50-day moving average of $553.76 and a two-hundred day moving average of $519.96. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping the consensus estimate 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 business’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the company posted $3.26 EPS. As a group, equities analysts predict that Adobe Inc. will post 14.69 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ADBE. Melius lowered Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target on the stock. in a research report on Monday, June 10th. BMO Capital Markets raised their target price on Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research note on Friday, June 14th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Friday. UBS Group lowered their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday. Finally, Evercore ISI reiterated an “outperform” rating and set a $650.00 target price on shares of Adobe in a research report on Friday, June 7th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-one have assigned a buy rating to the stock. According to MarketBeat.com, Adobe presently has a consensus rating of “Moderate Buy” and a consensus target price of $608.83.

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.