Eagle Ridge Investment Management grew its position in Adobe Inc (NASDAQ:ADBE) by 24.8% in the 2nd quarter, Holdings Channel.com reports. The fund owned 1,634 shares of the software company’s stock after acquiring an additional 325 shares during the quarter. Eagle Ridge Investment Management’s holdings in Adobe were worth $481,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. RDA Financial Network lifted its holdings in shares of Adobe by 9.4% during the second quarter. RDA Financial Network now owns 3,899 shares of the software company’s stock worth $1,181,000 after purchasing an additional 334 shares during the period. Carderock Capital Management Inc. lifted its holdings in shares of Adobe by 133.8% during the first quarter. Carderock Capital Management Inc. now owns 11,479 shares of the software company’s stock worth $3,059,000 after purchasing an additional 6,569 shares during the period. Glaxis Capital Management LLC acquired a new stake in shares of Adobe during the first quarter worth $1,892,000. Sawtooth Solutions LLC lifted its holdings in shares of Adobe by 41.6% during the first quarter. Sawtooth Solutions LLC now owns 5,957 shares of the software company’s stock worth $1,587,000 after purchasing an additional 1,751 shares during the period. Finally, Carillon Tower Advisers Inc. lifted its holdings in shares of Adobe by 19.3% during the first quarter. Carillon Tower Advisers Inc. now owns 46,400 shares of the software company’s stock worth $12,365,000 after purchasing an additional 7,500 shares during the period. 86.37% of the stock is owned by institutional investors and hedge funds.

Shares of NASDAQ:ADBE traded down $0.36 during mid-day trading on Thursday, hitting $283.30. 60,838 shares of the company traded hands, compared to its average volume of 2,226,893. The firm has a market capitalization of $140.12 billion, a price-to-earnings ratio of 51.06, a P/E/G ratio of 2.62 and a beta of 1.08. The company has a debt-to-equity ratio of 0.10, a quick ratio of 0.70 and a current ratio of 0.70. Adobe Inc has a 52-week low of $204.95 and a 52-week high of $313.11. The stock’s 50 day moving average price is $301.06.

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

In other Adobe news, EVP Ann Lewnes sold 3,000 shares of Adobe stock in a transaction that occurred on Wednesday, June 19th. The stock was 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 in the company, valued at approximately $16,777,446. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director John E. Warnock sold 4,000 shares of Adobe stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $296.94, for a total value of $1,187,760.00. Following the sale, the director now owns 16,088 shares in the company, valued at $4,777,170.72. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 26,627 shares of company stock worth $7,829,264. Company insiders own 0.32% of the company’s stock.

Several equities research analysts recently weighed in on ADBE shares. Zacks Investment Research downgraded Adobe from a “buy” rating to a “hold” rating in a report on Wednesday, May 15th. KeyCorp reaffirmed a “hold” rating on shares of Adobe in a research note on Wednesday, June 19th. JPMorgan Chase & Co. lifted their price objective on Adobe from $284.00 to $329.00 and gave the company a “neutral” rating in a research note on Wednesday, June 19th. Wells Fargo & Co reaffirmed a “hold” rating and issued a $275.00 price objective (up from $250.00) on shares of Adobe in a research note on Wednesday, June 19th. Finally, BMO Capital Markets lifted their price objective on Adobe from $300.00 to $315.00 and gave the company an “outperform” rating in a research note on Wednesday, June 19th. Nine equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $301.69.

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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