UNIVEST FINANCIAL Corp Acquires 492 Shares of Adobe Inc. (NASDAQ:ADBE)

UNIVEST FINANCIAL Corp grew its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 75.5% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,144 shares of the software company’s stock after buying an additional 492 shares during the quarter. UNIVEST FINANCIAL Corp’s holdings in Adobe were worth $636,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of ADBE. International Assets Investment Management LLC acquired a new stake in shares of Adobe in the 4th quarter valued at approximately $1,468,000. Concentrum Wealth Management lifted its stake in Adobe by 11.3% in the fourth quarter. Concentrum Wealth Management now owns 2,405,622 shares of the software company’s stock valued at $1,435,194,000 after acquiring an additional 244,008 shares during the last quarter. Aveo Capital Partners LLC grew its position in shares of Adobe by 5.9% in the 4th quarter. Aveo Capital Partners LLC now owns 932 shares of the software company’s stock valued at $556,000 after acquiring an additional 52 shares during the period. Gryphon Financial Partners LLC increased its stake in shares of Adobe by 22.7% during the 4th quarter. Gryphon Financial Partners LLC now owns 3,561 shares of the software company’s stock worth $2,066,000 after purchasing an additional 658 shares during the last quarter. Finally, Heritage Investors Management Corp bought a new stake in shares of Adobe in the 4th quarter valued at about $208,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Stock Performance

Shares of Adobe stock opened at $563.41 on Friday. The company has a 50 day moving average of $553.72 and a 200-day moving average of $519.38. 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 Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The company has a market cap of $249.82 billion, a PE ratio of 50.62, a price-to-earnings-growth ratio of 3.00 and a beta of 1.30.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The company 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%. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period last year, the company posted $3.04 EPS. As a group, equities research analysts forecast that Adobe Inc. will post 14.69 earnings per share for the current fiscal year.

Insider Activity at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the transaction, the chief executive officer now owns 379,660 shares of the company’s stock, valued at approximately $206,576,802.60. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction 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 transaction, the chief accounting officer now owns 2,797 shares in the company, valued at $1,501,989. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the company’s stock in a transaction dated Thursday, June 27th. The shares were sold at an average price of $544.11, for a total value of $13,602,750.00. Following the completion of the sale, the chief executive officer now owns 379,660 shares in the company, valued at approximately $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 90 days. 0.15% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities analysts have weighed in on ADBE shares. Mizuho reissued a “buy” rating and set a $640.00 price target (down previously from $680.00) on shares of Adobe in a research report on Friday, June 7th. Stifel Nicolaus increased their price target on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday. StockNews.com cut shares of Adobe from a “buy” rating to a “hold” rating in a research report on Friday, August 23rd. TD Cowen dropped their price objective on shares of Adobe from $640.00 to $625.00 and set a “buy” rating on the stock in a research report on Monday, June 10th. Finally, JPMorgan Chase & Co. raised shares of Adobe from a “neutral” rating to an “overweight” rating and lifted their target price for the stock from $570.00 to $580.00 in a report on Friday, June 14th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $605.52.

Adobe Company 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.