Davis Capital Management Buys 167 Shares of Adobe Inc. (NASDAQ:ADBE)

Davis Capital Management grew its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 6.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,668 shares of the software company’s stock after buying an additional 167 shares during the period. Adobe accounts for approximately 1.3% of Davis Capital Management’s portfolio, making the stock its 24th largest holding. Davis Capital Management’s holdings in Adobe were worth $1,494,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of ADBE. Norges Bank bought a new position in shares of Adobe in the fourth quarter worth approximately $3,277,785,000. Wellington Management Group LLP increased its position in shares of Adobe by 1,213.5% in the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after purchasing an additional 1,870,307 shares during the last quarter. International Assets Investment Management LLC bought a new position in shares of Adobe in the fourth quarter worth approximately $875,592,000. Swedbank AB bought a new position in shares of Adobe in the first quarter worth approximately $621,179,000. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Adobe by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after purchasing an additional 1,146,718 shares during the last quarter. 81.79% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other Adobe news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $560.23, for a total value of $857,151.90. Following the completion of the transaction, the executive vice president now owns 20,359 shares in the company, valued at $11,405,722.57. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred 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 owns 2,797 shares of the company’s stock, valued at $1,501,989. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Scott Belsky sold 1,530 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $560.23, for a total transaction of $857,151.90. Following the completion of the transaction, the executive vice president now owns 20,359 shares of the company’s stock, valued at $11,405,722.57. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 27,523 shares of company stock worth $14,994,277. 0.15% of the stock is owned by corporate insiders.

Adobe Trading Down 3.7 %

ADBE stock traded down $20.24 on Friday, reaching $526.17. The company’s stock had a trading volume of 2,729,113 shares, compared to its average volume of 2,285,513. The business has a fifty day simple moving average of $522.70 and a two-hundred day simple moving average of $527.95. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The firm has a market cap of $233.30 billion, a PE ratio of 47.27, a PEG ratio of 2.85 and a beta of 1.30. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25.

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

Wall Street Analysts Forecast Growth

ADBE has been the topic of several research analyst reports. 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 report on Friday, June 14th. Sanford C. Bernstein upped their target price on Adobe from $653.00 to $660.00 and gave the stock an “outperform” rating in a research note on Monday, June 17th. KeyCorp upped their target price on Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research note on Friday, June 14th. Stifel Nicolaus cut their target price on Adobe from $625.00 to $600.00 and set a “buy” rating for the company in a research note on Friday, June 7th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $580.00 target price on shares of Adobe in a research note on Friday, June 14th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $601.38.

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.