Procyon Advisors LLC Raises Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Procyon Advisors LLC raised its stake in shares of Adobe Inc. (NASDAQ:ADBE - Free Report) by 17.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,699 shares of the software company's stock after buying an additional 972 shares during the quarter. Procyon Advisors LLC's holdings in Adobe were worth $2,569,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Arizona State Retirement System raised its stake in shares of Adobe by 0.4% in the fourth quarter. Arizona State Retirement System now owns 127,696 shares of the software company's stock worth $56,784,000 after purchasing an additional 570 shares during the last quarter. Burling Wealth Partners LLC purchased a new position in shares of Adobe in the fourth quarter worth $1,173,000. Silicon Valley Capital Partners raised its stake in shares of Adobe by 4.1% in the fourth quarter. Silicon Valley Capital Partners now owns 5,972 shares of the software company's stock worth $2,656,000 after purchasing an additional 236 shares during the last quarter. Horan Capital Advisors LLC. raised its stake in shares of Adobe by 2.4% in the fourth quarter. Horan Capital Advisors LLC. now owns 4,861 shares of the software company's stock worth $2,162,000 after purchasing an additional 114 shares during the last quarter. Finally, Proficio Capital Partners LLC raised its stake in shares of Adobe by 85.8% in the fourth quarter. Proficio Capital Partners LLC now owns 2,345 shares of the software company's stock worth $1,043,000 after purchasing an additional 1,083 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company's stock.

Insider Buying and Selling

In related news, CFO Daniel Durn acquired 1,300 shares of the firm's stock in a transaction on Thursday, March 20th. The shares were acquired at an average cost of $390.58 per share, for a total transaction of $507,754.00. Following the completion of the transaction, the chief financial officer now directly owns 29,876 shares in the company, valued at approximately $11,668,968.08. This trade represents a 4.55% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.16% of the stock is owned by company insiders.

Adobe Price Performance

Shares of NASDAQ ADBE traded up $1.72 during mid-day trading on Friday, reaching $416.92. The company's stock had a trading volume of 2,143,071 shares, compared to its average volume of 3,409,490. The firm has a market capitalization of $177.69 billion, a PE ratio of 33.62, a P/E/G ratio of 2.15 and a beta of 1.55. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.07 and a quick ratio of 1.07. The stock has a fifty day moving average of $381.41 and a two-hundred day moving average of $424.72. Adobe Inc. has a 52 week low of $332.01 and a 52 week high of $587.75.

Adobe (NASDAQ:ADBE - Get Free Report) last posted its earnings results on Wednesday, March 12th. The software company reported $5.08 EPS for the quarter, topping analysts' consensus estimates of $4.97 by $0.11. The company had revenue of $5.71 billion for the quarter, compared to the consensus estimate of $5.66 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. During the same period in the previous year, the business earned $4.48 earnings per share. As a group, sell-side analysts anticipate that Adobe Inc. will post 16.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts recently commented on the company. Stifel Nicolaus reduced their price objective on Adobe from $600.00 to $525.00 and set a "buy" rating for the company in a research report on Thursday, March 13th. Evercore ISI reduced their price objective on Adobe from $650.00 to $550.00 and set an "outperform" rating for the company in a research report on Thursday, March 13th. Bank of America reduced their price objective on Adobe from $605.00 to $528.00 and set a "buy" rating for the company in a research report on Thursday, March 13th. Wells Fargo & Company reduced their price objective on Adobe from $600.00 to $430.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Finally, BMO Capital Markets reduced their price objective on Adobe from $495.00 to $450.00 and set an "outperform" rating for the company in a research report on Wednesday, April 16th. Eleven equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $502.88.

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.