Eudaimonia Partners LLC Purchases New Position in Adobe Inc. (NASDAQ:ADBE)

Eudaimonia Partners LLC purchased a new stake in Adobe Inc. (NASDAQ:ADBE – Get Rating) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 7,292 shares of the software company’s stock, valued at approximately $3,322,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Vident Investment Advisory LLC increased its stake in shares of Adobe by 17.7% in the 4th quarter. Vident Investment Advisory LLC now owns 8,751 shares of the software company’s stock valued at $4,962,000 after purchasing an additional 1,318 shares in the last quarter. PFG Advisors increased its stake in shares of Adobe by 8.1% in the 1st quarter. PFG Advisors now owns 4,403 shares of the software company’s stock valued at $2,006,000 after purchasing an additional 330 shares in the last quarter. Mirova US LLC increased its stake in shares of Adobe by 26.5% in the 1st quarter. Mirova US LLC now owns 606,103 shares of the software company’s stock valued at $276,157,000 after purchasing an additional 126,810 shares in the last quarter. Rather & Kittrell Inc. purchased a new stake in Adobe during the 4th quarter worth approximately $47,000. Finally, Farmers Trust Co. increased its stake in Adobe by 6.9% during the 1st quarter. Farmers Trust Co. now owns 10,977 shares of the software company’s stock worth $5,001,000 after buying an additional 711 shares in the last quarter. Hedge funds and other institutional investors own 80.75% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have commented on ADBE. BMO Capital Markets began coverage on Adobe in a research note on Friday, June 17th. They set a “buy” rating and a $420.00 price objective for the company. Morgan Stanley lowered Adobe from an “overweight” rating to an “equal weight” rating and cut their price objective for the stock from $591.00 to $362.00 in a research note on Tuesday, June 21st. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a research note on Wednesday, September 7th. Bank of America cut their price objective on Adobe from $560.00 to $450.00 and set a “buy” rating for the company in a research note on Friday, June 17th. Finally, Wells Fargo & Company lowered their target price on Adobe from $525.00 to $425.00 and set an “overweight” rating on the stock in a report on Friday, June 17th. Eight equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Adobe presently has a consensus rating of “Moderate Buy” and an average target price of $487.58.

Adobe Stock Up 0.4 %

Want More Great Investing Ideas?

NASDAQ:ADBE opened at $396.36 on Tuesday. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.26. The stock’s fifty day moving average is $400.10 and its two-hundred day moving average is $411.54. Adobe Inc. has a 52 week low of $338.00 and a 52 week high of $699.54. The stock has a market capitalization of $185.50 billion, a price-to-earnings ratio of 38.71, a price-to-earnings-growth ratio of 2.17 and a beta of 1.14.

Adobe (NASDAQ:ADBE – Get Rating) last released its quarterly earnings results on Thursday, June 16th. The software company reported $2.70 EPS for the quarter, topping analysts’ consensus estimates of $2.65 by $0.05. Adobe had a return on equity of 36.70% and a net margin of 29.29%. The company had revenue of $4.39 billion for the quarter, compared to analysts’ expectations of $4.34 billion. During the same period in the prior year, the firm earned $2.56 earnings per share. Research analysts anticipate that Adobe Inc. will post 10.98 EPS for the current year.

Insiders Place Their Bets

In other news, CMO Ann Lewnes sold 794 shares of the company’s stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $400.00, for a total transaction of $317,600.00. Following the sale, the chief marketing officer now owns 23,988 shares of the company’s stock, valued at $9,595,200. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CAO Mark S. Garfield sold 132 shares of the company’s stock in a transaction on Friday, July 22nd. The stock was sold at an average price of $409.75, for a total transaction of $54,087.00. Following the sale, the chief accounting officer now owns 2,465 shares of the company’s stock, valued at $1,010,033.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CMO Ann Lewnes sold 794 shares of the company’s stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $400.00, for a total value of $317,600.00. Following the sale, the chief marketing officer now directly owns 23,988 shares in the company, valued at approximately $9,595,200. The disclosure for this sale can be found here. Insiders have sold 3,637 shares of company stock worth $1,438,682 over the last ninety days. Corporate insiders own 0.23% of the company’s stock.

Adobe Company Profile

(Get Rating)

Adobe Inc 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.