Nkcfo LLC Buys 400 Shares of Adobe Inc. (NASDAQ:ADBE)

Nkcfo LLC raised its position in shares of Adobe Inc. (NASDAQ:ADBE) by 16.0% during the second quarter, HoldingsChannel reports. The fund owned 2,900 shares of the software company’s stock after acquiring an additional 400 shares during the quarter. Adobe accounts for approximately 0.9% of Nkcfo LLC’s investment portfolio, making the stock its 24th largest holding. Nkcfo LLC’s holdings in Adobe were worth $1,611,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Tradewinds Capital Management LLC boosted its position in Adobe by 266.7% in the 1st 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 period. Salomon & Ludwin LLC increased its position in shares of Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after acquiring an additional 45 shares during the period. Summit Securities Group LLC bought a new stake in shares of Adobe during the second quarter valued at approximately $33,000. Lynx Investment Advisory purchased a new stake in shares of Adobe in the second quarter valued at approximately $39,000. Finally, Hobbs Group Advisors LLC purchased a new stake in shares of Adobe in the second quarter valued at approximately $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on ADBE shares. Bank of America reaffirmed a “buy” rating and set a $640.00 target price on shares of Adobe in a research report on Friday, September 13th. Robert W. Baird upped 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. Stifel Nicolaus increased their target price on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Finally, JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $570.00 to $580.00 in a research report on Friday, June 14th. Two investment 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, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Insiders Place Their Bets

In other news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Adobe news, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction 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 completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Daniel Durn sold 6,500 shares of the 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 sale, the chief financial officer now directly owns 20,838 shares in the company, valued at $10,740,738.72. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,759 shares of company stock valued at $18,205,903. Company insiders own 0.15% of the company’s stock.

Adobe Trading Down 0.8 %

Shares of NASDAQ:ADBE opened at $522.30 on Friday. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The stock has a market cap of $231.59 billion, a price-to-earnings ratio of 46.93, a PEG ratio of 3.03 and a beta of 1.29. The business has a 50-day moving average price of $549.18 and a 200-day moving average price of $518.73.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the business posted $3.26 EPS. Equities 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.