Werba Rubin Papier Wealth Management Raises Stake in Adobe Inc. (NASDAQ:ADBE)

Werba Rubin Papier Wealth Management lifted its position in shares of Adobe Inc. (NASDAQ:ADBE) by 2.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,169 shares of the software company’s stock after buying an additional 23 shares during the quarter. Werba Rubin Papier Wealth Management’s holdings in Adobe were worth $649,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Tradewinds Capital Management LLC grew its holdings in shares of Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after buying an additional 40 shares during the last quarter. Salomon & Ludwin LLC raised its position in Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after acquiring an additional 45 shares during the period. Summit Securities Group LLC acquired a new stake in Adobe in the 2nd quarter worth about $33,000. Lynx Investment Advisory purchased a new stake in shares of Adobe during the second quarter worth approximately $39,000. Finally, Hobbs Group Advisors LLC purchased a new stake in Adobe during the 2nd quarter valued at about $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity at Adobe

In other news, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction on Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the sale, the chief accounting officer now owns 2,740 shares in the company, valued at approximately $1,439,897.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CAO Mark S. Garfield sold 264 shares of the stock in a transaction that occurred 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 completion of the sale, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The disclosure for this sale can be found here. Insiders sold a total of 27,523 shares of company stock worth $14,994,277 in the last quarter. 0.15% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of analysts have issued reports on ADBE shares. Piper Sandler cut their target price on Adobe from $700.00 to $635.00 and set an “overweight” rating on the stock in a research report on Friday, July 12th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $600.00 target price on shares of Adobe in a research report on Thursday, August 1st. Oppenheimer lifted their price objective on shares of Adobe from $580.00 to $625.00 and gave the company an “outperform” rating in a research note on Wednesday. JPMorgan Chase & Co. raised Adobe from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $570.00 to $580.00 in a report on Friday, June 14th. Finally, TD Cowen cut their target price on Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a research note on Monday, June 10th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and a consensus price target of $605.52.

Adobe Stock Performance

NASDAQ ADBE traded down $4.52 on Friday, hitting $563.41. 2,096,790 shares of the stock were exchanged, compared to its average volume of 3,173,966. The business’s fifty day moving average is $553.72 and its 200 day moving average is $519.22. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a market capitalization of $249.82 billion, a PE ratio of 50.62, a P/E/G ratio of 3.00 and a beta of 1.29. 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 (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.39 by $0.09. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The business had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. During the same period last year, the firm posted $3.04 EPS. The firm’s revenue for the quarter was up 10.2% compared to the same quarter last year. Research analysts anticipate 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.