Hall Capital Management Co. Inc. Buys Shares of 403 Adobe Inc. (NASDAQ:ADBE)

Hall Capital Management Co. Inc. acquired a new stake in Adobe Inc. (NASDAQ:ADBE) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 403 shares of the software company’s stock, valued at approximately $224,000.

A number of other large investors have also recently bought and sold shares of ADBE. Tradewinds Capital Management LLC lifted its stake in shares of Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after purchasing an additional 40 shares in the last quarter. Salomon & Ludwin LLC increased its stake 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 last quarter. Summit Securities Group LLC bought a new stake in shares of Adobe during the 2nd quarter valued at about $33,000. Steph & Co. raised its position in shares of 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. Finally, Lynx Investment Advisory bought a new position in shares of Adobe during the second quarter worth about $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CAO Mark S. Garfield sold 97 shares of the stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe 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 sale, 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 90 days, insiders sold 27,523 shares of company stock valued at $14,994,277. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on ADBE. Sanford C. Bernstein raised their target price on Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research note on Monday, June 17th. Citigroup cut their price target on shares of Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a report on Monday, June 10th. Stifel Nicolaus dropped their price target on Adobe from $625.00 to $600.00 and set a “buy” rating on the stock in a research report on Friday, June 7th. JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $570.00 to $580.00 in a research note on Friday, June 14th. Finally, TD Cowen dropped their price target on shares of Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research note on Monday, June 10th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat.com, Adobe has an average rating of “Moderate Buy” and a consensus price target of $601.38.

Adobe Stock Performance

Shares of Adobe stock traded up $8.38 on Tuesday, reaching $567.82. 1,403,062 shares of the company traded hands, compared to its average volume of 3,228,181. The company has a 50 day moving average of $546.89 and a 200 day moving average of $519.69. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The firm has a market capitalization of $251.77 billion, a PE ratio of 51.02, a PEG ratio of 2.85 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16.

Adobe (NASDAQ:ADBE) last issued its earnings results 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. The business had revenue of $5.31 billion for the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $3.04 EPS. Equities analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current year.

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.