Perennial Investment Advisors LLC reduced its holdings in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 16.9% during the 2nd quarter, according to its most recent 13F filing with the SEC. The fund owned 1,230 shares of the software company’s stock after selling 250 shares during the period. Perennial Investment Advisors LLC’s holdings in Adobe were worth $683,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Wellington Management Group LLP lifted its stake in shares of Adobe by 1,213.5% in the 4th quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock worth $1,207,780,000 after acquiring an additional 1,870,307 shares during the period. Swedbank AB acquired a new stake in shares of Adobe in the 1st quarter worth $621,179,000. Price T Rowe Associates Inc. MD lifted its stake in shares of Adobe by 17.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after acquiring an additional 1,146,718 shares during the period. BlueSpruce Investments LP lifted its stake in shares of Adobe by 81.1% in the 1st quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock worth $648,712,000 after acquiring an additional 575,675 shares during the period. Finally, Liberty Wealth Management LLC lifted its stake in shares of Adobe by 55,496.6% in the 2nd quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock worth $318,127,000 after acquiring an additional 571,615 shares during the period. 81.79% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
Several analysts have recently commented on the stock. Piper Sandler restated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research note on Friday, September 13th. UBS Group reduced their price objective on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. Morgan Stanley reiterated an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a research note on Friday, September 13th. StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Finally, KeyCorp raised their price objective on shares of Adobe from $445.00 to $450.00 and gave the company an “underweight” rating in a research note on Friday, June 14th. Two analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have given a buy rating to the company. According to MarketBeat, Adobe has a consensus rating of “Moderate Buy” and an average price target of $606.58.
Adobe Stock Performance
Shares of NASDAQ ADBE opened at $515.03 on Wednesday. The company has a market cap of $228.36 billion, a PE ratio of 46.27, a price-to-earnings-growth ratio of 3.03 and a beta of 1.29. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. The company has a 50-day simple moving average of $551.66 and a 200-day simple moving average of $519.07.
Adobe (NASDAQ:ADBE – Get Free Report) last issued its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The business had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.26 earnings per share. On average, equities analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current year.
Insider Activity at Adobe
In related news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the sale, the executive vice president now directly owns 19,658 shares in the company, valued at $10,556,346. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $258,297.00. Following the completion of the sale, the executive vice president now directly owns 19,658 shares in the company, valued at $10,556,346. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the sale, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The disclosure for this sale can be found here. Over the last three months, insiders sold 27,259 shares of company stock worth $14,855,543. 0.15% of the stock is owned by company 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.
Featured Stories
- Five stocks we like better than Adobe
- 3 Stocks to Consider Buying in October
- Galmed Pharmaceuticals Surges 400%: What’s Behind the Explosion?
- How to Calculate Inflation Rate
- Gold Hits New All-Time Highs: 3 Stocks to Ride the Surge
- Low PE Growth Stocks: Unlocking Investment Opportunities
- Intel: Why It’s Time to Reconsider This Beaten-Down Chipmaker
Receive News & Ratings for Adobe Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Adobe and related companies with MarketBeat.com's FREE daily email newsletter.