EFG Asset Management Americas Corp. Buys 6,369 Shares of Adobe Inc. (NASDAQ:ADBE)

EFG Asset Management Americas Corp. boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 58.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,256 shares of the software company’s stock after purchasing an additional 6,369 shares during the quarter. Adobe comprises about 1.9% of EFG Asset Management Americas Corp.’s investment portfolio, making the stock its 12th largest holding. EFG Asset Management Americas Corp.’s holdings in Adobe were worth $9,586,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Adobe by 1.0% during the first quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock worth $20,511,473,000 after purchasing an additional 382,803 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings 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 acquiring an additional 1,146,718 shares in the last quarter. Norges Bank acquired a new position in shares of Adobe in the 4th quarter valued at approximately $3,277,785,000. Concentrum Wealth Management raised its holdings in Adobe by 11.3% during the 4th quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock worth $1,435,194,000 after buying an additional 244,008 shares during the period. Finally, Brown Advisory Inc. lifted its stake in Adobe by 5.4% in the fourth quarter. Brown Advisory Inc. now owns 2,388,198 shares of the software company’s stock valued at $1,424,799,000 after buying an additional 122,738 shares in the last quarter. Institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on ADBE shares. Stifel Nicolaus increased their price objective on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday. JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $570.00 to $580.00 in a research note on Friday, June 14th. KeyCorp upped their price objective on Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research report on Friday, June 14th. Royal Bank of Canada reissued an “outperform” rating and issued a $600.00 target price on shares of Adobe in a research report on Thursday, August 1st. Finally, Oppenheimer lifted their price objective on shares of Adobe from $580.00 to $625.00 and gave the company an “outperform” rating in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $605.52.

Adobe Stock Performance

ADBE traded down $4.52 during trading on Friday, hitting $563.41. The stock had a trading volume of 2,096,790 shares, compared to its average volume of 3,173,966. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The firm has a market cap of $249.82 billion, a price-to-earnings ratio of 50.62, a P/E/G ratio of 3.00 and a beta of 1.30. The company has a 50 day moving average price of $553.72 and a 200-day moving average price of $519.38. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 EPS for the quarter, beating the consensus estimate of $4.39 by $0.09. The business had revenue of $5.31 billion for 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 was up 10.2% compared to the same quarter last year. During the same period in the prior year, the company posted $3.04 earnings per share. As a group, research analysts predict that Adobe Inc. will post 14.69 EPS for the current year.

Insider Activity at Adobe

In other news, CAO Mark S. Garfield sold 264 shares of the stock in a transaction on Monday, June 17th. The stock was sold at an average price of $525.51, for a total transaction of $138,734.64. Following the sale, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, CAO Mark S. Garfield sold 264 shares of the company’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 sale, the chief accounting officer now owns 2,740 shares of the company’s stock, valued at approximately $1,439,897.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,579,186.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,523 shares of company stock worth $14,994,277. Company insiders own 0.15% of the company’s stock.

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.