Wealth Enhancement Advisory Services LLC Purchases Shares of 6,055 Adobe Inc (NASDAQ:ADBE)

Wealth Enhancement Advisory Services LLC bought a new position in shares of Adobe Inc (NASDAQ:ADBE) in the second quarter, Holdings Channel reports. The fund bought 6,055 shares of the software company’s stock, valued at approximately $1,860,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. BlackRock Inc. lifted its holdings in shares of Adobe by 0.7% during the first quarter. BlackRock Inc. now owns 32,843,461 shares of the software company’s stock worth $8,752,453,000 after buying an additional 213,902 shares in the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Adobe by 0.8% during the second quarter. Janus Henderson Group PLC now owns 8,017,961 shares of the software company’s stock worth $2,362,476,000 after buying an additional 60,035 shares in the last quarter. Northern Trust Corp lifted its holdings in shares of Adobe by 1.2% during the first quarter. Northern Trust Corp now owns 6,156,195 shares of the software company’s stock worth $1,640,565,000 after buying an additional 72,473 shares in the last quarter. Clearbridge Investments LLC lifted its holdings in shares of Adobe by 3.9% during the first quarter. Clearbridge Investments LLC now owns 3,833,064 shares of the software company’s stock worth $1,021,473,000 after buying an additional 143,157 shares in the last quarter. Finally, Fisher Asset Management LLC lifted its holdings in shares of Adobe by 8.4% during the second quarter. Fisher Asset Management LLC now owns 3,106,820 shares of the software company’s stock worth $915,425,000 after buying an additional 240,339 shares in the last quarter. 86.37% of the stock is owned by institutional investors.

ADBE has been the subject of several research analyst reports. KeyCorp reissued a “hold” rating on shares of Adobe in a research note on Wednesday, June 19th. Zacks Investment Research downgraded Adobe from a “buy” rating to a “hold” rating in a research note on Wednesday, May 15th. JPMorgan Chase & Co. upped their price objective on Adobe from $284.00 to $329.00 and gave the company a “neutral” rating in a research note on Wednesday, June 19th. BidaskClub downgraded Adobe from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Barclays upped their price objective on Adobe from $304.00 to $330.00 and gave the company an “overweight” rating in a research note on Wednesday, June 19th. Nine equities research analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $301.69.

In other Adobe news, Director Charles M. Geschke sold 13,795 shares of the stock in a transaction that occurred on Wednesday, June 26th. The stock was sold at an average price of $289.96, for a total transaction of $3,999,998.20. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Ann Lewnes sold 3,000 shares of the stock in a transaction that occurred on Wednesday, June 19th. The stock was sold at an average price of $287.00, for a total value of $861,000.00. Following the transaction, the executive vice president now owns 58,458 shares in the company, valued at $16,777,446. The disclosure for this sale can be found here. Insiders sold 26,627 shares of company stock worth $7,829,264 over the last quarter. 0.32% of the stock is currently owned by company insiders.

ADBE stock traded down $0.58 during trading on Thursday, hitting $283.08. The company had a trading volume of 1,581,109 shares, compared to its average volume of 2,226,893. The stock has a 50-day moving average price of $301.06. Adobe Inc has a one year low of $204.95 and a one year high of $313.11. The firm has a market cap of $140.12 billion, a PE ratio of 51.01, a PEG ratio of 2.62 and a beta of 1.08. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.70 and a current ratio of 0.70.

Adobe (NASDAQ:ADBE) last announced its earnings results on Tuesday, June 18th. The software company reported $1.83 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.78 by $0.05. Adobe had a return on equity of 29.96% and a net margin of 26.25%. The business had revenue of $2.74 billion for the quarter, compared to analysts’ expectations of $2.70 billion. During the same period in the prior year, the business posted $1.66 earnings per share. The firm’s revenue was up 25.0% on a year-over-year basis. Equities analysts expect that Adobe Inc will post 6.3 earnings per share for the current fiscal year.

Adobe Company Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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