Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Kennon Green & Company LLC

Kennon Green & Company LLC boosted its stake in Adobe Inc. (NASDAQ:ADBE) by 23.3% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,145 shares of the software company’s stock after acquiring an additional 782 shares during the period. Adobe accounts for 2.1% of Kennon Green & Company LLC’s portfolio, making the stock its 19th largest position. Kennon Green & Company LLC’s holdings in Adobe were worth $2,303,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently added to or reduced their stakes in the company. Tradewinds Capital Management LLC raised its position in shares of Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock valued at $28,000 after acquiring an additional 40 shares in the last quarter. Salomon & Ludwin LLC increased its stake in Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock valued at $29,000 after purchasing an additional 45 shares during the last quarter. Summit Securities Group LLC acquired a new stake in shares of Adobe during the second quarter worth $33,000. Steph & Co. lifted its position in shares of Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after buying an additional 30 shares during the last quarter. Finally, Lynx Investment Advisory acquired a new position in shares of Adobe in the 2nd quarter valued at about $39,000. 81.79% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CAO Mark S. Garfield sold 264 shares of the company’s stock in a transaction 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 SEC, which is available at the SEC website. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 379,660 shares in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction on Monday, June 17th. The shares were sold at an average price of $525.51, for a total transaction of $138,734.64. Following the sale, the chief accounting officer now directly owns 2,740 shares in the company, valued at $1,439,897.40. The disclosure for this sale can be found here. Insiders have sold 27,523 shares of company stock worth $14,994,277 in the last three months. 0.15% of the stock is currently owned by insiders.

Adobe Stock Performance

NASDAQ:ADBE opened at $536.87 on Friday. The company has a 50-day moving average of $553.76 and a 200-day moving average of $519.96. The firm has a market cap of $238.05 billion, a price-to-earnings ratio of 48.24, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. 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 twelve month low of $433.97 and a twelve month high of $638.25.

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

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on ADBE. Citigroup increased their price objective on shares of Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday. Melius Research reiterated a “hold” rating and set a $510.00 price target on shares of Adobe in a research report on Monday, June 10th. Evercore ISI restated an “outperform” rating and set a $650.00 price objective on shares of Adobe in a research report on Friday, June 7th. UBS Group dropped their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research report on Friday. Finally, JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Friday. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $608.83.

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.