Soltis Investment Advisors LLC Grows Position in Adobe Inc. (NASDAQ:ADBE)

Soltis Investment Advisors LLC grew its stake in Adobe Inc. (NASDAQ:ADBE) by 36.2% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 836 shares of the software company’s stock after purchasing an additional 222 shares during the period. Soltis Investment Advisors LLC’s holdings in Adobe were worth $422,000 at the end of the most recent quarter.

Several other hedge funds have also bought and sold shares of the stock. Barlow Wealth Partners Inc. purchased a new position in shares of Adobe during the 4th quarter valued at approximately $16,700,000. Federated Hermes Inc. raised its stake in Adobe by 22.6% in the 4th quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock valued at $133,440,000 after purchasing an additional 41,164 shares during the last quarter. Vise Technologies Inc. raised its stake in Adobe by 267.3% in the 4th quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock valued at $4,635,000 after purchasing an additional 5,654 shares during the last quarter. Steph & Co. raised its stake in 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, Naviter Wealth LLC raised its stake in Adobe by 39.7% in the 4th quarter. Naviter Wealth LLC now owns 3,502 shares of the software company’s stock valued at $2,089,000 after purchasing an additional 996 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

ADBE has been the subject of several recent research reports. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. TD Cowen reduced their price objective on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research note on Monday, June 10th. BMO Capital Markets increased their price objective on Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research note on Friday, June 14th. Evercore ISI reaffirmed an “outperform” rating and issued a $650.00 target price on shares of Adobe in a research note on Friday, June 7th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $600.00 target price on shares of Adobe in a research note on Thursday. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $601.38.

Adobe Stock Down 3.7 %

Shares of ADBE traded down $20.24 during midday trading on Friday, hitting $526.17. The company had a trading volume of 2,729,113 shares, compared to its average volume of 2,285,513. The company’s 50-day simple moving average is $522.70 and its 200-day simple moving average is $528.91. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The firm has a market capitalization of $233.30 billion, a P/E ratio of 47.27, a P/E/G ratio of 2.85 and a beta of 1.30. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25.

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

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $525.51, for a total value of $138,734.64. Following the transaction, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,501,989. The disclosure for this sale can be found here. Insiders have sold a total of 27,523 shares of company stock valued at $14,994,277 over the last quarter. Company insiders own 0.15% of the company’s stock.

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.