Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Chapin Davis Inc.

Chapin Davis Inc. increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 45.4% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 663 shares of the software company’s stock after purchasing an additional 207 shares during the quarter. Chapin Davis Inc.’s holdings in Adobe were worth $368,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Marshall Financial Group LLC boosted its stake in Adobe by 8.4% during the second quarter. Marshall Financial Group LLC now owns 4,019 shares of the software company’s stock worth $2,233,000 after buying an additional 310 shares during the period. Signet Investment Advisory Group Inc. boosted its position in shares of Adobe by 13.7% during the 2nd quarter. Signet Investment Advisory Group Inc. now owns 4,213 shares of the software company’s stock worth $2,340,000 after purchasing an additional 507 shares during the period. Marietta Wealth Management LLC increased its holdings in Adobe by 4.6% in the 2nd quarter. Marietta Wealth Management LLC now owns 12,624 shares of the software company’s stock valued at $7,013,000 after purchasing an additional 557 shares during the last quarter. OFI Invest Asset Management lifted its stake in Adobe by 517.1% during the second quarter. OFI Invest Asset Management now owns 10,237 shares of the software company’s stock worth $5,306,000 after purchasing an additional 8,578 shares in the last quarter. Finally, Oakworth Capital Inc. boosted its position in shares of Adobe by 9.2% during the second quarter. Oakworth Capital Inc. now owns 947 shares of the software company’s stock worth $526,000 after buying an additional 80 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 97 shares of Adobe 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 directly owns 2,797 shares in the company, valued at approximately $1,501,989. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the sale, the chief executive officer now directly owns 379,660 shares in the company, valued at $206,576,802.60. The disclosure for this sale can be found here. Insiders have sold a total of 27,523 shares of company stock valued at $14,994,277 in the last ninety days. 0.15% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on ADBE shares. TD Cowen decreased their target price on Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research note on Monday, June 10th. KeyCorp increased their price target on shares of Adobe from $445.00 to $450.00 and gave the stock an “underweight” rating in a research report on Friday, June 14th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a report on Thursday. JMP Securities reaffirmed a “market perform” rating on shares of Adobe in a research note on Friday, June 14th. Finally, Piper Sandler Companies reissued an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research report on Friday, July 12th. 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, Adobe has an average rating of “Moderate Buy” and a consensus price target of $601.38.

Adobe Stock Performance

Shares of NASDAQ ADBE traded down $0.70 during midday trading on Friday, reaching $553.46. 1,541,726 shares of the company were exchanged, compared to its average volume of 3,304,834. The stock has a market cap of $245.40 billion, a P/E ratio of 49.73, a PEG ratio of 2.85 and a beta of 1.30. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The stock has a fifty day simple moving average of $537.27 and a 200 day simple moving average of $522.26. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.28.

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

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.