Versant Capital Management Inc Acquires 57 Shares of Adobe Inc. (NASDAQ:ADBE)

Versant Capital Management Inc lifted its stake in Adobe Inc. (NASDAQ:ADBE) by 17.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 385 shares of the software company’s stock after buying an additional 57 shares during the period. Versant Capital Management Inc’s holdings in Adobe were worth $199,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Tradewinds Capital Management LLC lifted its stake in Adobe by 266.7% in the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after acquiring an additional 40 shares during the period. Salomon & Ludwin LLC raised its position in Adobe by 346.2% in the 1st quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after buying an additional 45 shares during the last quarter. Summit Securities Group LLC bought a new position in Adobe during the second quarter valued at approximately $33,000. Lynx Investment Advisory bought a new position in shares of Adobe during the 2nd quarter valued at $39,000. Finally, Hobbs Group Advisors LLC purchased a new position in Adobe in the second quarter worth about $39,000. Institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on ADBE. TD Cowen cut 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. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Barclays upped their price objective on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. KeyCorp lifted their price target on Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research report on Friday, June 14th. Finally, Bank of America reiterated a “buy” rating and set a $640.00 price objective on shares of Adobe in a research report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Stock Performance

Shares of Adobe stock opened at $487.30 on Tuesday. The company has a 50-day simple moving average of $541.74 and a two-hundred day simple moving average of $516.26. 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 one year low of $433.97 and a one year high of $638.25. The company has a market capitalization of $216.07 billion, a PE ratio of 43.78, a P/E/G ratio of 2.72 and a beta of 1.29.

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

Insider Activity

In related news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the company’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 completion of the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,501,989. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,759 shares of company stock valued at $17,642,653 over the last ninety days. 0.15% of the stock is currently owned by insiders.

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.