Deltec Asset Management LLC purchased a new stake in Adobe Inc. (NASDAQ:ADBE – Free Report) 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 – Get Free Report) 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.
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