Adobe Inc. (NASDAQ:ADBE) Position Boosted by Steigerwald Gordon & Koch Inc.

Steigerwald Gordon & Koch Inc. increased its position in Adobe Inc. (NASDAQ:ADBE) by 2.8% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 38,907 shares of the software company’s stock after purchasing an additional 1,068 shares during the period. Adobe accounts for 2.6% of Steigerwald Gordon & Koch Inc.’s portfolio, making the stock its 8th biggest position. Steigerwald Gordon & Koch Inc.’s holdings in Adobe were worth $21,615,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in ADBE. Vise Technologies Inc. grew its position in shares of Adobe by 267.3% during the fourth quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock worth $4,635,000 after purchasing an additional 5,654 shares in the last quarter. Steph & Co. increased its holdings in Adobe by 63.8% during the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares during the period. International Assets Investment Management LLC increased its holdings in Adobe by 16.2% during the 1st quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock worth $1,435,000 after purchasing an additional 398 shares during the period. Choreo LLC increased its holdings in shares of Adobe by 4.7% in the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after acquiring an additional 197 shares during the period. Finally, Eagle Asset Management Inc. increased its holdings in shares of Adobe by 14.7% in the 4th quarter. Eagle Asset Management Inc. now owns 24,400 shares of the software company’s stock valued at $14,557,000 after acquiring an additional 3,120 shares during the period. 81.79% of the stock is owned by institutional investors.

Adobe Price Performance

Shares of ADBE traded up $4.08 during mid-day trading on Tuesday, hitting $573.96. 125,240 shares of the stock were exchanged, compared to its average volume of 3,149,686. The company has a market cap of $254.49 billion, a PE ratio of 51.20, a price-to-earnings-growth ratio of 2.94 and a beta of 1.29. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The firm has a 50-day moving average of $553.92 and a two-hundred day moving average of $519.31. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16.

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

Insiders Place Their Bets

In related news, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction on Monday, June 17th. The stock was 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 approximately $1,439,897.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 value of $138,734.64. Following the completion of the transaction, the chief accounting officer now directly owns 2,740 shares in the company, valued at $1,439,897.40. The disclosure for this sale can be found here. In the last ninety days, insiders sold 27,523 shares of company stock worth $14,994,277. 0.15% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on ADBE shares. BMO Capital Markets upped their target price on Adobe from $525.00 to $580.00 and gave the stock an “outperform” rating in a research note on Friday, June 14th. Mizuho reaffirmed a “buy” rating and issued a $640.00 price target (down previously from $680.00) on shares of Adobe in a report on Friday, June 7th. Barclays increased their price objective on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Melius lowered Adobe from a “buy” rating to a “hold” rating and set a $510.00 price target for the company. in a research report on Monday, June 10th. Finally, Oppenheimer lifted their target price on Adobe from $580.00 to $625.00 and gave the company an “outperform” rating in a report on Wednesday, September 4th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $605.52.

Adobe Company 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.