Profit Investment Management LLC Purchases 858 Shares of Adobe Inc. (NASDAQ:ADBE)

Profit Investment Management LLC boosted its holdings in Adobe Inc. (NASDAQ:ADBE) by 157.1% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,404 shares of the software company’s stock after purchasing an additional 858 shares during the quarter. Profit Investment Management LLC’s holdings in Adobe were worth $727,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Tradewinds Capital Management LLC increased its position 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 valued at $28,000 after acquiring an additional 40 shares during the last quarter. Salomon & Ludwin LLC grew its stake in shares of Adobe by 346.2% in the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares during the last quarter. Summit Securities Group LLC bought a new stake in Adobe in the second quarter valued at $33,000. Steph & Co. grew its holdings 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 acquiring an additional 30 shares during the period. Finally, Lynx Investment Advisory bought a new position in shares of Adobe in the 2nd quarter worth about $39,000. Institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research report on Friday, September 13th. Stifel Nicolaus increased their target price on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Robert W. Baird raised their price objective on shares of Adobe from $525.00 to $545.00 and gave the stock a “neutral” rating in a research note on Friday, June 14th. BMO Capital Markets lifted their target price on Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research report on Friday, June 14th. Finally, Morgan Stanley restated an “overweight” rating and issued a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Stock Up 0.2 %

ADBE traded up $0.96 during trading hours on Friday, hitting $504.53. 491,502 shares of the company’s stock were exchanged, compared to its average volume of 3,216,462. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock’s 50-day moving average is $537.90 and its two-hundred day moving average is $515.83. The stock has a market cap of $222.09 billion, a price-to-earnings ratio of 42.61, a PEG ratio of 2.55 and a beta of 1.29. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the previous year, the company posted $3.26 earnings per share. The business’s revenue was up 10.6% on a year-over-year basis. Sell-side analysts predict that Adobe Inc. will post 14.8 earnings per share for the current fiscal year.

Insider Buying and Selling at Adobe

In other news, CFO Daniel Durn sold 6,500 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the transaction, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Mark S. Garfield sold 151 shares of the business’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 33,759 shares of company stock worth $17,642,653. 0.15% of the stock is owned by corporate insiders.

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.