Larson Financial Group LLC Buys 322 Shares of Adobe Inc. (NASDAQ:ADBE)

Larson Financial Group LLC increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 149.8% during the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 537 shares of the software company’s stock after buying an additional 322 shares during the quarter. Larson Financial Group LLC’s holdings in Adobe were worth $298,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Tradewinds Capital Management LLC lifted its holdings in shares of Adobe by 266.7% in the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after purchasing an additional 40 shares in the last quarter. Salomon & Ludwin LLC raised its holdings in 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 buying an additional 45 shares during the last quarter. Summit Securities Group LLC bought a new position in shares of Adobe in the second quarter valued at $33,000. Steph & Co. grew its holdings in shares of Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares during the last quarter. Finally, Lynx Investment Advisory bought a new stake in shares of Adobe during the second quarter worth about $39,000. Institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the topic of several recent research reports. Oppenheimer raised their price target on shares of Adobe from $580.00 to $625.00 and gave the company an “outperform” rating in a research report on Wednesday. Mizuho reaffirmed a “buy” rating and set a $640.00 target price (down previously from $680.00) on shares of Adobe in a research report on Friday, June 7th. Piper Sandler decreased their price target on Adobe from $700.00 to $635.00 and set an “overweight” rating for the company in a report on Friday, July 12th. KeyCorp raised their price objective on Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research note on Friday, June 14th. Finally, Piper Sandler Companies reiterated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research note on Friday, July 12th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $605.52.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $563.41 on Friday. The firm has a market capitalization of $249.82 billion, a PE ratio of 50.62, a P/E/G ratio of 3.00 and a beta of 1.30. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28. The company has a 50-day moving average price of $553.72 and a two-hundred day moving average price of $519.38. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, topping the consensus estimate of $4.39 by $0.09. The company had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. Adobe’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period last year, the firm earned $3.04 EPS. Equities analysts forecast that Adobe Inc. will post 14.69 EPS for the current year.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the completion of the transaction, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Adobe news, CAO Mark S. Garfield sold 264 shares of the stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the sale, the chief accounting officer now directly owns 2,740 shares in the company, valued at approximately $1,439,897.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 27,523 shares of company stock valued at $14,994,277. 0.15% of the stock is currently owned by corporate insiders.

About Adobe

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.