Whitener Capital Management Inc. Buys New Shares in Adobe Inc. (NASDAQ:ADBE)

Whitener Capital Management Inc. bought a new stake in Adobe Inc. (NASDAQ:ADBE) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 554 shares of the software company’s stock, valued at approximately $271,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. State Street Corp lifted its holdings in Adobe by 1.5% in the first quarter. State Street Corp now owns 18,632,322 shares of the software company’s stock valued at $7,180,322,000 after buying an additional 269,173 shares during the period. Morgan Stanley lifted its holdings in Adobe by 17.7% in the fourth quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock valued at $3,299,433,000 after buying an additional 1,471,861 shares during the period. Geode Capital Management LLC lifted its holdings in Adobe by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 9,507,218 shares of the software company’s stock valued at $3,194,412,000 after buying an additional 123,726 shares during the period. Norges Bank acquired a new position in Adobe in the fourth quarter valued at $1,757,029,000. Finally, Alliancebernstein L.P. lifted its holdings in Adobe by 0.5% in the fourth quarter. Alliancebernstein L.P. now owns 4,591,503 shares of the software company’s stock valued at $1,545,179,000 after buying an additional 20,678 shares during the period. Institutional investors and hedge funds own 80.00% of the company’s stock.

Insider Transactions at Adobe

In related news, CEO Shantanu Narayen sold 35,000 shares of the stock in a transaction on Thursday, June 22nd. The shares were sold at an average price of $478.03, for a total transaction of $16,731,050.00. Following the transaction, the chief executive officer now owns 403,352 shares of the company’s stock, valued at approximately $192,814,356.56. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CEO Shantanu Narayen sold 35,000 shares of the stock in a transaction on Thursday, June 22nd. The shares were sold at an average price of $478.03, for a total transaction of $16,731,050.00. Following the transaction, the chief executive officer now owns 403,352 shares of the company’s stock, valued at approximately $192,814,356.56. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 298 shares of the stock in a transaction on Friday, August 4th. The shares were sold at an average price of $526.74, for a total transaction of $156,968.52. Following the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,135,930.70. The disclosure for this sale can be found here. Insiders have sold 43,089 shares of company stock valued at $20,720,115 in the last quarter. Insiders own 0.24% of the company’s stock.

Adobe Price Performance

Adobe stock traded up $2.55 during midday trading on Tuesday, reaching $534.97. 1,066,211 shares of the stock were exchanged, compared to its average volume of 3,210,469. The company’s fifty day moving average is $530.08 and its 200-day moving average is $443.78. The company has a debt-to-equity ratio of 0.23, a quick ratio of 1.16 and a current ratio of 1.25. The firm has a market cap of $243.84 billion, a PE ratio of 48.00, a PEG ratio of 3.17 and a beta of 1.33. Adobe Inc. has a 52 week low of $274.73 and a 52 week high of $570.24.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 14th. The software company reported $4.09 earnings per share for the quarter, topping analysts’ consensus estimates of $3.98 by $0.11. The business had revenue of $4.89 billion for the quarter, compared to analyst estimates of $4.87 billion. Adobe had a net margin of 27.11% and a return on equity of 37.73%. Adobe’s revenue was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted $2.63 EPS. On average, sell-side analysts forecast that Adobe Inc. will post 12.58 EPS for the current year.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several research analyst reports. Evercore ISI lifted their price target on shares of Adobe from $590.00 to $605.00 and gave the company an “outperform” rating in a research note on Friday. Argus lifted their price target on shares of Adobe from $565.00 to $611.00 in a research note on Tuesday. Wells Fargo & Company lifted their price target on shares of Adobe from $600.00 to $625.00 and gave the company an “overweight” rating in a research note on Tuesday, September 12th. Barclays lifted their price target on shares of Adobe from $620.00 to $640.00 and gave the company an “equal weight” rating in a research note on Friday. Finally, Mizuho reaffirmed a “buy” rating and issued a $630.00 price target on shares of Adobe in a research note on Friday. Nine investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $588.15.

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.