Vinva Investment Management Ltd Boosts Stake in Adobe Inc. (NASDAQ:ADBE)

Vinva Investment Management Ltd lifted its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 8.4% in the third quarter, according to its most recent filing with the SEC. The fund owned 20,551 shares of the software company’s stock after acquiring an additional 1,596 shares during the period. Vinva Investment Management Ltd’s holdings in Adobe were worth $10,594,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Piscataqua Savings Bank lifted its holdings in shares of Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after acquiring an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. bought a new stake in Adobe in the third quarter worth $30,000. Summit Securities Group LLC purchased a new stake in Adobe during the second quarter valued at about $33,000. Briaud Financial Planning Inc bought a new position in shares of Adobe during the third quarter valued at about $36,000. Finally, Highline Wealth Partners LLC bought a new position in shares of Adobe during the third quarter valued at about $38,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total transaction of $232,525.02. Following the sale, the executive vice president now directly owns 18,128 shares in the company, valued at $8,763,437.76. This trade represents a 2.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the company’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 transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock valued at $17,736,369 in the last 90 days. Company insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the subject of several analyst reports. Royal Bank of Canada restated an “outperform” rating and set a $610.00 target price on shares of Adobe in a report on Tuesday, October 15th. Oppenheimer reissued an “outperform” rating and set a $625.00 price objective on shares of Adobe in a research note on Friday, September 13th. Sanford C. Bernstein lowered their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. Morgan Stanley reissued an “overweight” rating and issued a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Finally, Barclays increased their target price on shares of Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Stock Down 2.2 %

Shares of Adobe stock opened at $513.68 on Thursday. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a market cap of $226.12 billion, a price-to-earnings ratio of 43.39, a price-to-earnings-growth ratio of 2.67 and a beta of 1.30. The company’s 50 day moving average is $503.39 and its 200 day moving average is $519.76.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating 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 company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter in the prior year, the business earned $3.26 earnings per share. Adobe’s revenue for the quarter was up 10.6% compared to the same quarter last year. Research analysts anticipate that Adobe Inc. will post 14.82 EPS for the current year.

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.