Adobe Inc. (NASDAQ:ADBE) Shares Bought by Harbour Investments Inc.

Harbour Investments Inc. increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 18.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,155 shares of the software company’s stock after purchasing an additional 178 shares during the quarter. Harbour Investments Inc.’s holdings in Adobe were worth $642,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Tradewinds Capital Management LLC raised its holdings in shares of Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares during the last quarter. Salomon & Ludwin LLC increased its holdings in shares of Adobe by 346.2% in 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 period. Summit Securities Group LLC acquired a new position in Adobe during the second quarter worth about $33,000. Steph & Co. boosted its stake 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 in the last quarter. Finally, Lynx Investment Advisory acquired a new stake in shares of Adobe in the 2nd quarter worth approximately $39,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction 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 transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 264 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. 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. 0.15% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on ADBE shares. Robert W. Baird upped their target price on Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a report on Friday, June 14th. Mizuho reissued a “buy” rating and issued a $640.00 price target (down from $680.00) on shares of Adobe in a report on Friday, June 7th. Evercore ISI restated an “outperform” rating and set a $650.00 target price on shares of Adobe in a research report on Friday, June 7th. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research note on Friday, July 12th. Finally, KeyCorp increased their price target on Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research note on Friday, June 14th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have issued a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $601.38.

Adobe Stock Performance

Shares of Adobe stock opened at $560.54 on Thursday. The firm has a fifty day moving average of $547.81 and a two-hundred day moving average of $519.27. 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 stock has a market capitalization of $248.54 billion, a price-to-earnings ratio of 50.36, a PEG ratio of 2.85 and a beta of 1.30. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25.

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

Adobe 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.