Diligent Investors LLC Raises Holdings in Adobe Inc (NASDAQ:ADBE)

Diligent Investors LLC boosted its holdings in shares of Adobe Inc (NASDAQ:ADBE) by 45.8% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 6,971 shares of the software company’s stock after acquiring an additional 2,191 shares during the quarter. Adobe makes up approximately 1.1% of Diligent Investors LLC’s portfolio, making the stock its 25th largest holding. Diligent Investors LLC’s holdings in Adobe were worth $1,858,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Western Wealth Management LLC lifted its position in Adobe by 17.8% in the first quarter. Western Wealth Management LLC now owns 2,524 shares of the software company’s stock worth $675,000 after purchasing an additional 382 shares during the period. Nomura Asset Management Co. Ltd. lifted its position in Adobe by 18.9% in the first quarter. Nomura Asset Management Co. Ltd. now owns 649,348 shares of the software company’s stock worth $173,044,000 after purchasing an additional 103,191 shares during the period. YorkBridge Wealth Partners LLC lifted its position in Adobe by 2.7% in the first quarter. YorkBridge Wealth Partners LLC now owns 9,397 shares of the software company’s stock worth $2,504,000 after purchasing an additional 247 shares during the period. Fort Pitt Capital Group LLC lifted its position in Adobe by 16.7% in the first quarter. Fort Pitt Capital Group LLC now owns 1,173 shares of the software company’s stock worth $313,000 after purchasing an additional 168 shares during the period. Finally, Bremer Bank National Association bought a new position in Adobe in the first quarter worth $1,231,000. Institutional investors own 85.81% of the company’s stock.

Several research analysts recently commented on the company. BidaskClub raised Adobe from a “hold” rating to a “buy” rating in a research report on Monday. Bank of America lifted their price objective on Adobe from $312.00 to $323.00 and gave the company a “buy” rating in a report on Wednesday, June 19th. Royal Bank of Canada reissued an “outperform” rating and set a $295.00 price objective on shares of Adobe in a report on Wednesday, June 19th. Morgan Stanley raised Adobe from an “equal weight” rating to an “overweight” rating and lifted their price objective for the company from $282.00 to $340.00 in a report on Monday, April 29th. Finally, Canaccord Genuity lifted their price objective on Adobe from $300.00 to $320.00 and gave the company a “buy” rating in a report on Wednesday, June 19th. Nine investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the stock. Adobe has a consensus rating of “Buy” and an average price target of $300.70.

In other Adobe news, Director John E. Warnock sold 4,000 shares of the company’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $296.94, for a total value of $1,187,760.00. Following the transaction, the director now directly owns 16,088 shares of the company’s stock, valued at approximately $4,777,170.72. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Donna Morris sold 15,000 shares of the company’s stock in a transaction on Tuesday, April 23rd. The shares were sold at an average price of $275.00, for a total value of $4,125,000.00. The disclosure for this sale can be found here. Insiders have sold a total of 66,776 shares of company stock worth $18,744,004 over the last three months. 0.32% of the stock is owned by insiders.

Shares of Adobe stock traded up $1.42 on Friday, reaching $294.65. 1,662,748 shares of the company were exchanged, compared to its average volume of 2,863,751. Adobe Inc has a one year low of $204.95 and a one year high of $304.00. The firm has a market cap of $143.77 billion, a P/E ratio of 53.09, a price-to-earnings-growth ratio of 2.62 and a beta of 1.12. The company has a quick ratio of 0.97, a current ratio of 0.70 and a debt-to-equity ratio of 0.10. The firm’s 50-day moving average is $279.60.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Tuesday, June 18th. The software company reported $1.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.78 by $0.05. The company had revenue of $2.74 billion for the quarter, compared to analysts’ expectations of $2.70 billion. Adobe had a return on equity of 29.96% and a net margin of 26.25%. The business’s revenue was up 25.0% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.66 EPS. Analysts anticipate that Adobe Inc will post 6.3 EPS for the current year.

Adobe Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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