Elevated Capital Advisors LLC Takes $1.33 Million Position in Adobe Inc (NASDAQ:ADBE)

Elevated Capital Advisors LLC purchased a new stake in shares of Adobe Inc (NASDAQ:ADBE) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 2,498 shares of the software company’s stock, valued at approximately $1,333,000.

Other institutional investors have also recently bought and sold shares of the company. Aviance Capital Partners LLC lifted its holdings in shares of Adobe by 191.4% in the 2nd quarter. Aviance Capital Partners LLC now owns 25,888 shares of the software company’s stock valued at $11,269,000 after buying an additional 17,004 shares during the period. Beaumont Financial Partners LLC raised its holdings in Adobe by 3.6% in the 2nd quarter. Beaumont Financial Partners LLC now owns 1,470 shares of the software company’s stock worth $640,000 after purchasing an additional 51 shares during the period. Westover Capital Advisors LLC raised its holdings in Adobe by 37.3% in the 2nd quarter. Westover Capital Advisors LLC now owns 5,725 shares of the software company’s stock worth $2,492,000 after purchasing an additional 1,556 shares during the period. Wexford Capital LP acquired a new position in Adobe in the 1st quarter worth about $85,000. Finally, Wendell David Associates Inc. acquired a new position in Adobe in the 2nd quarter worth about $1,711,000. Institutional investors and hedge funds own 84.03% of the company’s stock.

Adobe stock traded down $21.67 during mid-day trading on Wednesday, hitting $476.00. The company’s stock had a trading volume of 8,419,304 shares, compared to its average volume of 3,275,031. The firm has a market capitalization of $228.32 billion, a PE ratio of 63.74, a price-to-earnings-growth ratio of 3.77 and a beta of 0.94. Adobe Inc has a 1 year low of $255.13 and a 1 year high of $536.88. The company has a current ratio of 1.29, a quick ratio of 1.29 and a debt-to-equity ratio of 0.38. The stock’s fifty day moving average is $470.05 and its two-hundred day moving average is $395.83.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data on Tuesday, September 15th. The software company reported $2.57 earnings per share for the quarter, topping the consensus estimate of $2.41 by $0.16. Adobe had a return on equity of 35.53% and a net margin of 30.72%. The company had revenue of $3.23 billion during the quarter, compared to analyst estimates of $3.16 billion. During the same period in the prior year, the business posted $2.05 earnings per share. The firm’s revenue for the quarter was up 14.0% compared to the same quarter last year. On average, equities analysts expect that Adobe Inc will post 8.05 EPS for the current fiscal year.

In other Adobe news, EVP Scott Belsky sold 600 shares of the company’s stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $492.02, for a total transaction of $295,212.00. Following the transaction, the executive vice president now directly owns 10,853 shares in the company, valued at $5,339,893.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CMO Ann Lewnes sold 5,000 shares of the company’s stock in a transaction on Tuesday, September 1st. The stock was sold at an average price of $519.74, for a total value of $2,598,700.00. Following the transaction, the chief marketing officer now owns 35,257 shares in the company, valued at $18,324,473.18. The disclosure for this sale can be found here. Insiders have sold 87,983 shares of company stock worth $39,560,726 over the last 90 days. 0.31% of the stock is owned by insiders.

Several research firms have commented on ADBE. Stifel Nicolaus boosted their price objective on Adobe from $426.00 to $550.00 and gave the stock a “buy” rating in a research note on Wednesday. Bank of America boosted their price objective on Adobe from $440.00 to $570.00 and gave the stock a “buy” rating in a research note on Wednesday. Sanford C. Bernstein reiterated a “buy” rating and set a $562.00 price objective on shares of Adobe in a research note on Wednesday. BidaskClub lowered Adobe from a “buy” rating to a “hold” rating in a research note on Wednesday, September 9th. Finally, Royal Bank of Canada boosted their price objective on Adobe from $550.00 to $570.00 and gave the stock an “outperform” rating in a research note on Wednesday. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-four have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $486.42.

About Adobe

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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