Securian Asset Management Inc Buys 557 Shares of Adobe Inc (NASDAQ:ADBE)

Securian Asset Management Inc grew its stake in shares of Adobe Inc (NASDAQ:ADBE) by 1.1% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 51,560 shares of the software company’s stock after purchasing an additional 557 shares during the quarter. Securian Asset Management Inc’s holdings in Adobe were worth $15,192,000 at the end of the most recent reporting period.

Other institutional investors also recently added to or reduced their stakes in the company. Buffington Mohr McNeal bought a new stake in Adobe in the first quarter worth $26,000. Marquette Asset Management LLC increased its position in Adobe by 114.3% in the second quarter. Marquette Asset Management LLC now owns 90 shares of the software company’s stock worth $27,000 after purchasing an additional 48 shares during the last quarter. JNBA Financial Advisors increased its position in Adobe by 666.7% in the second quarter. JNBA Financial Advisors now owns 92 shares of the software company’s stock worth $27,000 after purchasing an additional 80 shares during the last quarter. Manchester Financial Inc. bought a new stake in Adobe in the second quarter worth $28,000. Finally, Ellis Investment Partners LLC bought a new stake in Adobe in the second quarter worth $30,000. Hedge funds and other institutional investors own 86.39% of the company’s stock.

Several equities research analysts recently weighed in on the stock. Barclays boosted their price target on shares of Adobe from $304.00 to $330.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 19th. Wedbush boosted their price target on shares of Adobe from $270.00 to $290.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 19th. Stephens upgraded shares of Adobe from an “equal weight” rating to an “overweight” rating and boosted their price target for the stock from $288.00 to $327.00 in a research report on Wednesday, June 19th. KeyCorp restated a “hold” rating on shares of Adobe in a research report on Wednesday, June 19th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Adobe from $284.00 to $329.00 and gave the stock a “neutral” rating in a research report on Wednesday, June 19th. Nine analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. Adobe has an average rating of “Buy” and an average price target of $301.69.

In other news, Director John E. Warnock sold 4,000 shares of the business’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $296.94, for a total transaction of $1,187,760.00. Following the completion of the sale, the director now directly owns 16,088 shares of the company’s stock, valued at $4,777,170.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 sale, the executive vice president now directly owns 58,458 shares of the company’s stock, valued at $16,777,446. The disclosure for this sale can be found here. Insiders have sold 26,627 shares of company stock valued at $7,829,264 over the last three months. Insiders own 0.32% of the company’s stock.

Shares of ADBE traded down $0.79 during trading hours on Tuesday, reaching $287.18. 602,044 shares of the company traded hands, compared to its average volume of 2,297,755. The firm has a market cap of $139.54 billion, a price-to-earnings ratio of 51.74, a PEG ratio of 2.61 and a beta of 1.08. Adobe Inc has a 12-month low of $204.95 and a 12-month high of $313.11. The company has a current ratio of 0.70, a quick ratio of 0.70 and a debt-to-equity ratio of 0.10. The stock’s fifty day moving average price is $300.44 and its 200 day moving average price is $277.88.

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

Adobe 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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