First Pacific Financial Purchases 130 Shares of Adobe Inc. (NASDAQ:ADBE)

First Pacific Financial raised its position in shares of Adobe Inc. (NASDAQ:ADBE) by 5.7% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 2,420 shares of the software company’s stock after acquiring an additional 130 shares during the quarter. First Pacific Financial’s holdings in Adobe were worth $1,344,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. International Assets Investment Management LLC bought a new stake in shares of Adobe in the 4th quarter worth approximately $1,468,000. Western Wealth Management LLC boosted its position in shares of Adobe by 11.8% in the 4th quarter. Western Wealth Management LLC now owns 3,556 shares of the software company’s stock worth $2,122,000 after purchasing an additional 374 shares in the last quarter. HTLF Bank bought a new stake in shares of Adobe in the 4th quarter worth approximately $335,000. Andrew Hill Investment Advisors Inc. bought a new stake in shares of Adobe in the 4th quarter worth approximately $3,329,000. Finally, Ninepoint Partners LP bought a new stake in shares of Adobe in the 4th quarter worth approximately $646,000. 81.79% of the stock is owned by institutional investors.

Adobe Stock Performance

Shares of ADBE stock traded up $9.66 during mid-day trading on Monday, reaching $563.12. 1,422,554 shares of the company’s stock traded hands, compared to its average volume of 3,292,988. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The firm has a 50 day moving average price of $539.34 and a two-hundred day moving average price of $521.80. 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 $249.69 billion, a PE ratio of 50.59, a price-to-earnings-growth ratio of 2.85 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The firm had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. During the same quarter in the previous year, the firm posted $3.04 EPS. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. On average, research analysts forecast that Adobe Inc. will post 14.69 EPS for the current year.

Analysts Set New Price Targets

ADBE has been the topic of a number of analyst reports. Piper Sandler Companies reissued an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research report on Friday, July 12th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research report on Thursday. Sanford C. Bernstein boosted their price target on Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a research report on Monday, June 17th. KeyCorp boosted their price objective on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a report on Friday, June 14th. Finally, BMO Capital Markets boosted their price objective on shares of Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a report on Friday, June 14th. Two 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’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $601.38.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 264 shares of the company’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 completion of the transaction, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Adobe news, CAO Mark S. Garfield sold 264 shares of the stock in a transaction dated 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 transaction, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Mark S. Garfield sold 151 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,579,186.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,523 shares of company stock valued at $14,994,277. Company insiders own 0.15% of the company’s stock.

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.