Peak Asset Management LLC Has $2.05 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Peak Asset Management LLC lifted its stake in Adobe Inc. (NASDAQ:ADBE) by 1.5% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,953 shares of the software company’s stock after buying an additional 60 shares during the period. Peak Asset Management LLC’s holdings in Adobe were worth $2,047,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently added to or reduced their stakes in the stock. Piscataqua Savings Bank increased its position in shares of Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after purchasing an additional 34 shares during the period. Summit Securities Group LLC acquired a new stake in Adobe during the second quarter worth about $33,000. Highline Wealth Partners LLC bought a new position in Adobe in the 3rd quarter valued at about $38,000. Lynx Investment Advisory bought a new stake in shares of Adobe during the 2nd quarter worth approximately $39,000. Finally, Hobbs Group Advisors LLC acquired a new stake in shares of Adobe during the 2nd quarter worth approximately $39,000. Institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

ADBE has been the subject of several research analyst reports. Royal Bank of Canada restated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research report on Tuesday, October 15th. Sanford C. Bernstein reduced their price objective on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. Stifel Nicolaus boosted their target price on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Morgan Stanley restated an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Finally, Barclays upped their price objective on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research report on Wednesday, September 4th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Adobe currently has a consensus rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Up 1.2 %

Shares of Adobe stock opened at $532.50 on Thursday. The stock’s 50-day moving average is $512.61 and its 200 day moving average is $517.56. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The firm has a market cap of $234.41 billion, a price-to-earnings ratio of 44.97, a PEG ratio of 2.71 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The firm had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same period in the prior year, the business earned $3.26 EPS. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. Equities research analysts anticipate that Adobe Inc. will post 14.82 EPS for the current year.

Insider Buying and Selling at Adobe

In other news, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the sale, the chief executive officer now directly owns 357,700 shares in the company, valued at $186,569,166. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total value of $13,039,500.00. Following the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 34,187 shares of company stock valued at $17,736,369. 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.