Park Place Capital Corp Grows Position in Adobe Inc. (NASDAQ:ADBE)

Park Place Capital Corp grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 17.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,578 shares of the software company’s stock after acquiring an additional 388 shares during the period. Park Place Capital Corp’s holdings in Adobe were worth $1,432,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the business. Transcend Capital Advisors LLC boosted its holdings in shares of Adobe by 76.0% in the 2nd quarter. Transcend Capital Advisors LLC now owns 5,169 shares of the software company’s stock valued at $2,872,000 after acquiring an additional 2,232 shares during the last quarter. Bright Futures Wealth Management LLC. purchased a new stake in shares of Adobe in the 1st quarter valued at $320,000. Cypress Asset Management Inc. TX boosted its holdings in shares of Adobe by 11.1% in the 1st quarter. Cypress Asset Management Inc. TX now owns 8,297 shares of the software company’s stock valued at $4,220,000 after acquiring an additional 828 shares during the last quarter. Westwood Holdings Group Inc. boosted its holdings in shares of Adobe by 117.6% in the 1st quarter. Westwood Holdings Group Inc. now owns 7,339 shares of the software company’s stock valued at $3,703,000 after acquiring an additional 3,967 shares during the last quarter. Finally, DekaBank Deutsche Girozentrale boosted its holdings in shares of Adobe by 6.5% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 775,862 shares of the software company’s stock valued at $392,559,000 after acquiring an additional 47,273 shares during the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on ADBE shares. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Friday, June 14th. 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. Barclays boosted their target price on shares of Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a research note on Friday, June 14th. BMO Capital Markets boosted their target price on shares of Adobe from $525.00 to $580.00 and gave the company an “outperform” rating in a research note on Friday, June 14th. Finally, StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research note on Monday, July 29th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat, Adobe has a consensus rating of “Moderate Buy” and a consensus target price of $601.38.

Insiders Place Their Bets

In other Adobe news, CAO Mark S. Garfield sold 264 shares of the stock in a transaction dated 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 legal filing with the SEC, which is available at this link. In other news, CAO Mark S. Garfield sold 151 shares of the firm’s stock in a transaction that occurred on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Mark S. Garfield sold 264 shares of the firm’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 directly owns 2,740 shares in the company, valued at approximately $1,439,897.40. The disclosure for this sale can be found here. Insiders sold a total of 27,523 shares of company stock valued at $14,994,277 over the last 90 days. 0.15% of the stock is owned by company insiders.

Adobe Trading Down 3.7 %

Shares of ADBE traded down $20.24 during mid-day trading on Friday, reaching $526.17. The stock had a trading volume of 2,729,113 shares, compared to its average volume of 2,285,513. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The business’s fifty day moving average is $522.70 and its 200 day moving average is $527.95. The firm has a market cap of $233.30 billion, a price-to-earnings ratio of 47.27, a P/E/G ratio of 2.85 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The firm had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. Adobe’s quarterly revenue was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $3.04 earnings per share. On average, sell-side analysts predict that Adobe Inc. will post 14.69 EPS for the current fiscal year.

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.