Infrastructure Capital Advisors LLC Purchases New Shares in Adobe Inc. (NASDAQ:ADBE)

Infrastructure Capital Advisors LLC purchased a new stake in shares of Adobe Inc. (NASDAQ:ADBE) during the 3rd quarter, Holdings Channel reports. The institutional investor purchased 1,000 shares of the software company’s stock, valued at approximately $518,000.

Several other hedge funds also recently made changes to their positions in the company. Burney Co. boosted its holdings in Adobe by 1.8% in the first quarter. Burney Co. now owns 5,530 shares of the software company’s stock worth $2,790,000 after acquiring an additional 100 shares in the last quarter. Cetera Investment Advisers boosted its holdings in Adobe by 213.4% in the first quarter. Cetera Investment Advisers now owns 101,212 shares of the software company’s stock worth $51,072,000 after acquiring an additional 68,921 shares in the last quarter. Cetera Advisors LLC boosted its holdings in Adobe by 52.0% in the first quarter. Cetera Advisors LLC now owns 29,749 shares of the software company’s stock worth $15,011,000 after acquiring an additional 10,183 shares in the last quarter. Soltis Investment Advisors LLC boosted its holdings in Adobe by 36.2% in the first quarter. Soltis Investment Advisors LLC now owns 836 shares of the software company’s stock worth $422,000 after acquiring an additional 222 shares in the last quarter. Finally, Westwood Holdings Group Inc. boosted its holdings in Adobe by 117.6% in the first quarter. Westwood Holdings Group Inc. now owns 7,339 shares of the software company’s stock worth $3,703,000 after acquiring an additional 3,967 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have commented on ADBE shares. Argus raised Adobe to a “strong-buy” rating in a report on Monday, September 16th. Morgan Stanley restated an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Oppenheimer restated an “outperform” rating and issued a $625.00 price target on shares of Adobe in a research note on Friday, September 13th. Citigroup boosted their price target on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 11th. Finally, JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Stock Performance

NASDAQ ADBE opened at $513.68 on Friday. The firm has a market cap of $226.12 billion, a price-to-earnings ratio of 43.39, a price-to-earnings-growth ratio of 2.67 and a beta of 1.30. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The business has a 50-day moving average price of $503.14 and a 200-day moving average price of $519.72. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data 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 analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $3.26 earnings per share. As a group, equities research analysts predict that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Insider Activity at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares in the company, valued at $186,569,166. This trade represents a 6.53 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total value of $3,350,360.00. Following the transaction, the chief financial officer now owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This represents a 23.78 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 34,187 shares of company stock valued at $17,736,369. Insiders own 0.15% of the company’s stock.

About Adobe

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.