Second Line Capital LLC Acquires 404 Shares of Adobe Inc. (NASDAQ:ADBE)

Second Line Capital LLC increased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 9.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,505 shares of the software company’s stock after acquiring an additional 404 shares during the quarter. Adobe comprises approximately 0.8% of Second Line Capital LLC’s holdings, making the stock its 28th largest holding. Second Line Capital LLC’s holdings in Adobe were worth $2,503,000 as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Steph & Co. raised its stake in Adobe by 63.8% during the first 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. International Assets Investment Management LLC grew its holdings in shares of Adobe by 16.2% in 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 last quarter. Choreo LLC increased its position in shares of Adobe by 4.7% during the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock worth $2,236,000 after purchasing an additional 197 shares in the last quarter. Fairscale Capital LLC bought a new position in Adobe during the 2nd quarter valued at about $1,318,000. Finally, Daymark Wealth Partners LLC boosted its position in Adobe by 89.8% in the second quarter. Daymark Wealth Partners LLC now owns 9,118 shares of the software company’s stock valued at $5,065,000 after buying an additional 4,315 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Adobe Stock Performance

Shares of ADBE stock opened at $515.48 on Monday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.11. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company’s 50 day moving average price is $545.13 and its two-hundred day moving average price is $516.82. The company has a market capitalization of $228.56 billion, a P/E ratio of 46.31, a price-to-earnings-growth ratio of 2.72 and a beta of 1.29.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm’s quarterly revenue was up 10.6% on a year-over-year basis. During the same period last year, the business posted $3.26 earnings per share. On average, analysts expect that Adobe Inc. will post 14.79 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on the stock. KeyCorp lifted their target price on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research note on Friday, June 14th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Royal Bank of Canada restated an “outperform” rating and issued a $610.00 target price on shares of Adobe in a research note on Friday, September 13th. Piper Sandler Companies reiterated an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Friday, July 12th. Finally, TD Cowen lowered their price objective on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research report on Monday, June 10th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 1,530 shares of Adobe stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $560.23, for a total value of $857,151.90. Following the sale, the executive vice president now owns 20,359 shares of the company’s stock, valued at approximately $11,405,722.57. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related 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 in the company, valued at $1,501,989. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Scott Belsky sold 1,530 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $560.23, for a total value of $857,151.90. Following the transaction, the executive vice president now owns 20,359 shares in the company, valued at approximately $11,405,722.57. The disclosure for this sale can be found here. Insiders sold 33,759 shares of company stock valued at $17,642,653 over the last three months. Company insiders own 0.15% of the company’s stock.

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.