Deltec Asset Management LLC Buys New Shares in Adobe Inc. (NASDAQ:ADBE)

Deltec Asset Management LLC purchased a new stake in Adobe Inc. (NASDAQ:ADBE) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 1,000 shares of the software company’s stock, valued at approximately $518,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Farmers & Merchants Investments Inc. raised its stake in shares of Adobe by 69.2% during the 1st quarter. Farmers & Merchants Investments Inc. now owns 621 shares of the software company’s stock worth $313,000 after purchasing an additional 254 shares in the last quarter. Tradewinds Capital Management LLC raised its position in Adobe by 266.7% during the first quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after acquiring an additional 40 shares in the last quarter. Valeo Financial Advisors LLC lifted its stake in Adobe by 8.0% in the first quarter. Valeo Financial Advisors LLC now owns 5,563 shares of the software company’s stock valued at $2,807,000 after acquiring an additional 413 shares during the last quarter. Mainsail Financial Group LLC grew its position in shares of Adobe by 2.3% in the 1st quarter. Mainsail Financial Group LLC now owns 2,149 shares of the software company’s stock valued at $1,084,000 after acquiring an additional 49 shares during the period. Finally, First Trust Direct Indexing L.P. increased its stake in shares of Adobe by 7.0% during the 1st quarter. First Trust Direct Indexing L.P. now owns 9,457 shares of the software company’s stock worth $4,772,000 after purchasing an additional 619 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of research analyst reports. Morgan Stanley reiterated an “overweight” rating and set a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Sanford C. Bernstein reduced their price objective on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. Piper Sandler Companies reaffirmed an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a report on Friday, July 12th. Royal Bank of Canada reiterated an “outperform” rating and set a $610.00 price objective on shares of Adobe in a research report on Tuesday, October 15th. Finally, Piper Sandler reissued an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research report on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have issued 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, Adobe presently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Insider Activity at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the sale, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at $186,569,166. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Scott Belsky sold 481 shares of the stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the completion of the sale, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,511 shares of company stock worth $17,408,530 in the last quarter. 0.15% of the stock is owned by insiders.

Adobe Stock Performance

Shares of Adobe stock opened at $485.39 on Wednesday. The company’s 50 day moving average price is $526.85 and its two-hundred day moving average price is $516.01. The firm has a market capitalization of $215.22 billion, a P/E ratio of 43.61, a P/E/G ratio of 2.55 and a beta of 1.29. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. 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 issued its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $3.26 EPS. On average, equities analysts forecast that Adobe Inc. will post 14.8 earnings per share for the current fiscal year.

Adobe Profile

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.