Lucia Wealth Services LLC Makes New $1.45 Million Investment in Adobe Inc (NASDAQ:ADBE)

Lucia Wealth Services LLC bought a new position in shares of Adobe Inc (NASDAQ:ADBE) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 4,930 shares of the software company’s stock, valued at approximately $1,453,000.

Several other institutional investors have also recently bought and sold shares of ADBE. Egerton Capital UK LLP lifted its position in shares of Adobe by 24.6% during the 1st quarter. Egerton Capital UK LLP now owns 2,659,090 shares of the software company’s stock worth $708,621,000 after buying an additional 524,827 shares in the last quarter. Close Asset Management Ltd lifted its position in shares of Adobe by 32,652.7% during the 1st quarter. Close Asset Management Ltd now owns 455,263 shares of the software company’s stock worth $121,314,000 after buying an additional 453,873 shares in the last quarter. Marshall Wace North America L.P. lifted its position in shares of Adobe by 143.2% during the 1st quarter. Marshall Wace North America L.P. now owns 742,342 shares of the software company’s stock worth $197,827,000 after buying an additional 437,154 shares in the last quarter. FIL Ltd increased its stake in shares of Adobe by 48.0% during the 1st quarter. FIL Ltd now owns 1,107,456 shares of the software company’s stock worth $295,127,000 after purchasing an additional 359,357 shares during the last quarter. Finally, Thoroughbred Financial Services LLC increased its stake in shares of Adobe by 31,610.2% during the 2nd quarter. Thoroughbred Financial Services LLC now owns 337,079 shares of the software company’s stock worth $33,708,000 after purchasing an additional 336,016 shares during the last quarter. 86.32% of the stock is currently owned by hedge funds and other institutional investors.

Several brokerages have recently issued reports on ADBE. Stephens upgraded shares of Adobe from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $288.00 to $327.00 in a research note on Wednesday, June 19th. Barclays raised their price target on shares of Adobe from $304.00 to $330.00 and gave the stock an “overweight” rating in a research note on Wednesday, June 19th. JPMorgan Chase & Co. raised their price target on shares of Adobe from $284.00 to $329.00 and gave the stock a “neutral” rating in a research note on Wednesday, June 19th. Canaccord Genuity raised their price target on shares of Adobe from $300.00 to $320.00 and gave the stock a “buy” rating in a research note on Wednesday, June 19th. Finally, Credit Suisse Group raised their price target on shares of Adobe from $300.00 to $325.00 and gave the stock a “positive” rating in a research note on Wednesday, June 19th. Ten equities research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $300.70.

Adobe stock opened at $294.44 on Friday. Adobe Inc has a 1-year low of $204.95 and a 1-year high of $313.11. The stock has a market cap of $147.40 billion, a price-to-earnings ratio of 53.05, a price-to-earnings-growth ratio of 2.76 and a beta of 1.10. The company has a debt-to-equity ratio of 0.10, a current ratio of 0.70 and a quick ratio of 0.70. The firm has a 50 day simple moving average of $300.09.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Tuesday, June 18th. The software company reported $1.83 earnings per share for the quarter, beating analysts’ consensus estimates of $1.78 by $0.05. Adobe had a net margin of 26.25% and a return on equity of 29.96%. The business had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.70 billion. During the same period in the previous year, the business earned $1.66 EPS. Adobe’s revenue was up 25.0% compared to the same quarter last year. Equities research analysts anticipate that Adobe Inc will post 6.3 earnings per share for the current fiscal year.

In other news, EVP Dana Rao sold 2,832 shares of the business’s stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $303.36, for a total transaction of $859,115.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Ann Lewnes sold 3,000 shares of the business’s stock in a transaction on Wednesday, June 19th. The shares were sold at an average price of $287.00, for a total transaction of $861,000.00. Following the transaction, the executive vice president now owns 58,458 shares of the company’s stock, valued at $16,777,446. The disclosure for this sale can be found here. Insiders sold a total of 29,627 shares of company stock valued at $8,638,724 over the last quarter. 0.32% of the stock is owned by company insiders.

Adobe Company Profile

Adobe Inc operates as a diversified software company worldwide. Its Digital Media segment provides tools and solutions that enable individuals, small and medium businesses, and enterprises to create, publish, promote, and monetize their digital content. Its flagship product is Creative Cloud, a subscription service that allows customer to download and access the latest versions of its creative products.

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Institutional Ownership by Quarter for Adobe (NASDAQ:ADBE)

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