Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Monetta Financial Services Inc.

Monetta Financial Services Inc. raised its holdings in Adobe Inc. (NASDAQ:ADBE) by 6.7% during the second quarter, HoldingsChannel reports. The firm owned 1,600 shares of the software company’s stock after buying an additional 100 shares during the period. Monetta Financial Services Inc.’s holdings in Adobe were worth $889,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also made changes to their positions in ADBE. Tradewinds Capital Management LLC lifted 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 worth $28,000 after purchasing an additional 40 shares during the period. Salomon & Ludwin LLC lifted its stake in shares of Adobe by 346.2% in the 1st 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 purchased a new stake in shares of Adobe in the second quarter valued at about $33,000. Steph & Co. increased its stake in shares of Adobe by 63.8% during the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after acquiring an additional 30 shares during the period. Finally, Lynx Investment Advisory purchased a new position in Adobe during the second quarter worth about $39,000. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CAO Mark S. Garfield sold 97 shares of the 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 transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,501,989. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Mark S. Garfield sold 97 shares of the company’s stock in a transaction dated 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 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 SEC, which is available at this hyperlink. Also, EVP Scott Belsky sold 481 shares of the business’s 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 $258,297.00. Following the completion of the sale, the executive vice president now owns 19,658 shares of the company’s stock, valued at $10,556,346. The disclosure for this sale can be found here. Insiders sold a total of 27,259 shares of company stock valued at $14,855,543 over the last quarter. Company insiders own 0.15% of the company’s stock.

Adobe Price Performance

Adobe stock opened at $521.50 on Tuesday. The stock has a market capitalization of $231.23 billion, a P/E ratio of 46.86, a P/E/G ratio of 3.03 and a beta of 1.29. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. 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’s 50-day moving average is $552.68 and its two-hundred day moving average is $519.46.

Adobe (NASDAQ:ADBE) last announced its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. Adobe’s revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the business earned $3.26 earnings per share. Equities analysts predict that Adobe Inc. will post 14.69 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have issued reports on the company. Oppenheimer reiterated an “outperform” rating and set a $625.00 target price on shares of Adobe in a research report on Friday. Melius cut Adobe from a “buy” rating to a “hold” rating and set a $510.00 price objective for the company. in a research report on Monday, June 10th. Bank of America restated a “buy” rating and set a $640.00 target price on shares of Adobe in a research report on Friday. UBS Group cut their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday. Finally, Royal Bank of Canada restated an “outperform” rating and set a $610.00 target price on shares of Adobe in a research report on Friday. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average price target of $606.58.

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.