Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Meitav Investment House Ltd.

Meitav Investment House Ltd. increased its position in Adobe Inc. (NASDAQ:ADBE) by 31.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 165,781 shares of the software company’s stock after buying an additional 39,658 shares during the period. Adobe comprises 1.4% of Meitav Investment House Ltd.’s portfolio, making the stock its 21st largest holding. Meitav Investment House Ltd.’s holdings in Adobe were worth $86,164,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Piscataqua Savings Bank increased its position in Adobe by 226.7% during 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 last quarter. Salomon & Ludwin LLC increased its position in Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after purchasing an additional 45 shares during the last quarter. Summit Securities Group LLC acquired a new position in Adobe during the second quarter worth approximately $33,000. Highline Wealth Partners LLC acquired a new position in Adobe during the third quarter worth approximately $38,000. Finally, Lynx Investment Advisory acquired a new position in Adobe during the second quarter worth approximately $39,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the subject of several research analyst reports. Sanford C. Bernstein dropped their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research report on Friday, September 13th. Argus raised shares of Adobe to a “strong-buy” rating in a research report on Monday, September 16th. UBS Group dropped their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Piper Sandler Companies reissued an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a research report on Friday, July 12th. Finally, Stifel Nicolaus increased their price objective on shares of Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Adobe has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Price Performance

Shares of ADBE stock opened at $484.04 on Thursday. The firm has a market cap of $214.62 billion, a P/E ratio of 43.67, a P/E/G ratio of 2.55 and a beta of 1.29. 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 Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The firm has a fifty day moving average of $525.27 and a two-hundred day moving average of $515.81.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same period in the previous year, the business posted $3.26 EPS. The company’s quarterly revenue was up 10.6% on a year-over-year basis. As a group, research analysts anticipate that Adobe Inc. will post 14.8 earnings per share for the current fiscal year.

Insider Activity at Adobe

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

Adobe Company 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.