L & S Advisors Inc Raises Stock Holdings in Adobe Inc (NASDAQ:ADBE)

L & S Advisors Inc lifted its holdings in shares of Adobe Inc (NASDAQ:ADBE) by 187.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,275 shares of the software company’s stock after purchasing an additional 6,047 shares during the quarter. L & S Advisors Inc’s holdings in Adobe were worth $2,733,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Shine Investment Advisory Services Inc. lifted its position in Adobe by 1.3% in the second quarter. Shine Investment Advisory Services Inc. now owns 2,539 shares of the software company’s stock valued at $748,000 after purchasing an additional 33 shares during the last quarter. Rockland Trust Co. lifted its position in Adobe by 1.3% in the second quarter. Rockland Trust Co. now owns 2,965 shares of the software company’s stock valued at $874,000 after purchasing an additional 37 shares during the last quarter. First National Bank of Hutchinson increased its stake in shares of Adobe by 1.5% during the second quarter. First National Bank of Hutchinson now owns 2,492 shares of the software company’s stock valued at $766,000 after buying an additional 37 shares during the period. Zions Bancorporation N.A. increased its stake in shares of Adobe by 0.8% during the second quarter. Zions Bancorporation N.A. now owns 4,559 shares of the software company’s stock valued at $1,343,000 after buying an additional 38 shares during the period. Finally, Associated Banc Corp increased its stake in shares of Adobe by 1.1% during the first quarter. Associated Banc Corp now owns 3,537 shares of the software company’s stock valued at $943,000 after buying an additional 39 shares during the period. 86.53% of the stock is owned by institutional investors.

In other news, EVP Ann Lewnes sold 3,000 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $289.32, for a total value of $867,960.00. Following the sale, the executive vice president now directly owns 55,198 shares of the company’s stock, valued at $15,969,885.36. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Dana Rao sold 2,832 shares of the stock in a transaction on Tuesday, July 30th. The stock was sold at an average price of $303.36, for a total value of $859,115.52. The disclosure for this sale can be found here. Over the last three months, insiders sold 29,627 shares of company stock worth $8,697,224. Insiders own 0.32% of the company’s stock.

Several equities analysts have recently issued reports on the company. ValuEngine cut Adobe from a “buy” rating to a “hold” rating in a research note on Thursday, September 5th. Bank of America boosted their target price on Adobe from $312.00 to $323.00 and gave the company a “buy” rating in a research note on Wednesday, June 19th. Canaccord Genuity boosted their target price on Adobe from $300.00 to $320.00 and gave the company a “buy” rating in a research note on Wednesday, June 19th. KeyCorp reissued a “hold” rating on shares of Adobe in a research note on Wednesday, June 19th. Finally, JPMorgan Chase & Co. boosted their target price on Adobe from $284.00 to $329.00 and gave the company a “neutral” rating in a research note on Wednesday, June 19th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and eighteen have given a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $301.69.

ADBE stock traded down $0.45 during midday trading on Friday, hitting $277.57. The stock had a trading volume of 208,405 shares, compared to its average volume of 2,153,849. The firm has a market cap of $134.05 billion, a price-to-earnings ratio of 50.01, a price-to-earnings-growth ratio of 2.51 and a beta of 1.11. The business has a 50-day moving average of $290.27 and a two-hundred day moving average of $281.10. Adobe Inc has a 52-week low of $204.95 and a 52-week high of $313.11. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.70 and a quick ratio of 0.70.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings results on Tuesday, June 18th. The software company reported $1.83 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.78 by $0.05. The company had revenue of $2.74 billion for the quarter, compared to analysts’ expectations of $2.70 billion. Adobe had a return on equity of 29.96% and a net margin of 26.25%. The firm’s revenue for the quarter was up 25.0% on a year-over-year basis. During the same period in the prior year, the firm earned $1.66 earnings per share. Research analysts predict that Adobe Inc will post 6.3 earnings per share for the current year.

Adobe Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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