Excalibur Management Corp Makes New Investment in Adobe Inc. (NASDAQ:ADBE)

Excalibur Management Corp bought a new stake in shares of Adobe Inc. (NASDAQ:ADBE) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 619 shares of the software company’s stock, valued at approximately $344,000.

Several other hedge funds have also recently modified their holdings of ADBE. Wellington Management Group LLP raised its stake in Adobe by 1,213.5% in the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after buying an additional 1,870,307 shares in the last quarter. Swedbank AB purchased a new stake in shares of Adobe during the 1st quarter worth $621,179,000. Price T Rowe Associates Inc. MD boosted its position in Adobe by 17.6% during the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after purchasing an additional 1,146,718 shares in the last quarter. BlueSpruce Investments LP boosted its position in Adobe by 81.1% during the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock valued at $648,712,000 after purchasing an additional 575,675 shares in the last quarter. Finally, Liberty Wealth Management LLC grew its stake in Adobe by 55,496.6% in the second quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock valued at $318,127,000 after purchasing an additional 571,615 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on ADBE shares. Morgan Stanley restated an “overweight” rating and issued a $660.00 price target on shares of Adobe in a report on Friday. Mizuho reaffirmed a “buy” rating and issued a $640.00 price target (down from $680.00) on shares of Adobe in a report on Friday, June 7th. Evercore ISI reiterated an “outperform” rating and set a $650.00 price objective on shares of Adobe in a report on Friday, June 7th. Barclays boosted their target price on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Finally, Robert W. Baird increased their price target on Adobe from $525.00 to $545.00 and gave the company a “neutral” rating in a research note on Friday, June 14th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $606.58.

Adobe Stock Performance

Shares of ADBE stock opened at $521.50 on Tuesday. The stock has a market cap of $231.23 billion, a PE ratio of 46.86, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The business has a 50-day simple moving average of $552.68 and a 200-day simple moving average of $519.46. The company has a quick ratio of 1.16, a current ratio of 1.16 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. Adobe’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the previous year, the company posted $3.26 earnings per share. On average, equities analysts expect that Adobe Inc. will post 14.69 EPS for the current year.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 151 shares of Adobe stock in a transaction on Tuesday, July 16th. The shares were sold at an average price of $564.60, for a total value of $85,254.60. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the sale, the executive vice president now owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Mark S. Garfield sold 151 shares of the company’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,579,186.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,259 shares of company stock valued at $14,855,543. Corporate insiders own 0.15% of the company’s stock.

About Adobe

Adobe Inc, together with its subsidiaries, 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.