Lake Street Financial LLC boosted its stake in shares of Adobe Inc. (NASDAQ:ADBE – Get Rating) by 5.7% in the 1st quarter, HoldingsChannel.com reports. The fund owned 6,011 shares of the software company's stock after buying an additional 325 shares during the period. Lake Street Financial LLC's holdings in Adobe were worth $2,739,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of ADBE. Delta Financial Advisors LLC lifted its position in Adobe by 2.3% during the fourth quarter. Delta Financial Advisors LLC now owns 883 shares of the software company's stock valued at $501,000 after purchasing an additional 20 shares during the last quarter. Sittner & Nelson LLC lifted its position in Adobe by 14.8% during the fourth quarter. Sittner & Nelson LLC now owns 155 shares of the software company's stock valued at $88,000 after purchasing an additional 20 shares during the last quarter. Kesler Norman & Wride LLC lifted its position in Adobe by 1.0% during the fourth quarter. Kesler Norman & Wride LLC now owns 2,047 shares of the software company's stock valued at $1,161,000 after purchasing an additional 21 shares during the last quarter. Benjamin F. Edwards & Company Inc. lifted its position in Adobe by 1.1% during the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 1,957 shares of the software company's stock valued at $1,110,000 after purchasing an additional 21 shares during the last quarter. Finally, Accurate Wealth Management LLC lifted its position in Adobe by 4.0% during the fourth quarter. Accurate Wealth Management LLC now owns 552 shares of the software company's stock valued at $326,000 after purchasing an additional 21 shares during the last quarter. 82.54% of the stock is owned by hedge funds and other institutional investors.

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Analysts Set New Price Targets

Several research firms have commented on ADBE. Wolfe Research lowered their price objective on shares of Adobe from $500.00 to $400.00 and set an "outperform" rating for the company in a research report on Friday, June 17th. Wells Fargo & Company lowered their target price on shares of Adobe from $525.00 to $425.00 and set an "overweight" rating for the company in a report on Friday, June 17th. Royal Bank of Canada lowered their target price on shares of Adobe from $600.00 to $500.00 and set an "outperform" rating for the company in a report on Tuesday, June 14th. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Adobe from $575.00 to $500.00 in a report on Friday, June 17th. Finally, Cowen lowered their target price on shares of Adobe from $550.00 to $520.00 in a report on Friday, June 17th. Six research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the stock. Based on data from MarketBeat, Adobe has an average rating of "Moderate Buy" and an average price target of $489.31.

Adobe Stock Up 0.5 %

NASDAQ ADBE traded up $2.02 during trading on Friday, reaching $432.61. 107,530 shares of the company's stock traded hands, compared to its average volume of 2,249,972. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.07 and a quick ratio of 1.07. The firm has a market cap of $202.46 billion, a price-to-earnings ratio of 42.27, a price-to-earnings-growth ratio of 2.34 and a beta of 1.12. The company's 50 day simple moving average is $392.89 and its two-hundred day simple moving average is $428.29. Adobe Inc. has a 12-month low of $338.00 and a 12-month high of $699.54.

Adobe (NASDAQ:ADBE – Get Rating) last issued its quarterly earnings data on Thursday, June 16th. The software company reported $2.70 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.65 by $0.05. Adobe had a net margin of 29.29% and a return on equity of 36.70%. The firm had revenue of $4.39 billion for the quarter, compared to the consensus estimate of $4.34 billion. During the same quarter in the previous year, the firm earned $2.56 EPS. As a group, sell-side analysts forecast that Adobe Inc. will post 10.99 EPS for the current fiscal year.

Insider Transactions at Adobe

In other news, CAO Mark S. Garfield sold 132 shares of Adobe stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $409.75, for a total value of $54,087.00. Following the transaction, the chief accounting officer now owns 2,465 shares of the company's stock, valued at approximately $1,010,033.75. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CAO Mark S. Garfield sold 132 shares of Adobe stock in a transaction that occurred on Friday, July 22nd. The shares were sold at an average price of $409.75, for a total value of $54,087.00. Following the completion of the sale, the chief accounting officer now directly owns 2,465 shares in the company, valued at approximately $1,010,033.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Scott Belsky sold 2,711 shares of Adobe stock in a transaction that occurred on Tuesday, July 26th. The stock was sold at an average price of $393.58, for a total transaction of $1,066,995.38. Following the completion of the sale, the executive vice president now owns 26,089 shares of the company's stock, valued at $10,268,108.62. The disclosure for this sale can be found here. Insiders have sold a total of 3,637 shares of company stock valued at $1,438,682 in the last 90 days. Insiders own 0.23% of the company's stock.

About Adobe

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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.

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