RBA Wealth Management LLC Has $5.65 Million Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

by · The Markets Daily

RBA Wealth Management LLC increased its stake in Adobe Inc. (NASDAQ:ADBE – Free Report) by 1.8% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 10,906 shares of the software company’s stock after purchasing an additional 192 shares during the quarter. Adobe makes up 2.2% of RBA Wealth Management LLC’s investment portfolio, making the stock its 15th largest holding. RBA Wealth Management LLC’s holdings in Adobe were worth $5,647,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of ADBE. Swedbank AB acquired a new position in shares of Adobe in the 1st quarter valued at $621,179,000. Longview Partners Guernsey LTD acquired a new stake in shares of Adobe in the 2nd quarter valued at approximately $663,745,000. Price T Rowe Associates Inc. MD boosted its position in Adobe by 17.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after buying an additional 1,146,718 shares during the period. BlueSpruce Investments LP boosted its stake in shares of Adobe by 81.1% in the 1st quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after purchasing an additional 575,675 shares during the last quarter. Finally, Liberty Wealth Management LLC boosted its stake in Adobe by 55,496.6% during the second quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock worth $318,127,000 after acquiring an additional 571,615 shares in the last quarter. 81.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently commented on the company. Morgan Stanley reiterated an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a research note on Friday, September 13th. Stifel Nicolaus increased their target price on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Sanford C. Bernstein decreased their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. UBS Group dropped their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday, September 13th. Finally, StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Adobe currently has an average rating of “Moderate Buy” and an average price target of $606.40.

Read Our Latest Analysis on ADBE

Adobe Stock Down 1.0 %

Shares of Adobe stock traded down $5.05 during trading hours on Tuesday, hitting $492.66. 1,647,522 shares of the company’s stock traded hands, compared to its average volume of 3,201,603. The company has a market cap of $218.45 billion, a PE ratio of 44.39, a PEG ratio of 2.55 and a beta of 1.29. The company has a quick ratio of 1.11, a current ratio of 1.11 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. The stock has a 50 day simple moving average of $534.79 and a 200-day simple moving average of $515.99.

Adobe (NASDAQ:ADBE – Get Free Report) last issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the previous year, the business earned $3.26 earnings per share. The company’s revenue was up 10.6% on a year-over-year basis. Equities research analysts anticipate that Adobe Inc. will post 14.8 earnings per share for the current fiscal year.

Insider Activity

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, EVP Scott Belsky sold 481 shares of the stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $258,297.00. Following the sale, the executive vice president now owns 19,658 shares of the company’s stock, valued at $10,556,346. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, 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 completion of the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 33,608 shares of company stock worth $17,486,391. Corporate insiders own 0.15% of the company’s stock.

Adobe Profile

(Free Report)

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.

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