Peak Asset Management LLC Has $2.05 Million Stake in Adobe Inc. (NASDAQ:ADBE)

Peak Asset Management LLC grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 1.5% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 3,953 shares of the software company’s stock after purchasing an additional 60 shares during the quarter. Peak Asset Management LLC’s holdings in Adobe were worth $2,047,000 as of its most recent filing with the SEC.

Several other large investors also recently made changes to their positions in ADBE. Kingsview Wealth Management LLC lifted its position in shares of Adobe by 13.4% during the first quarter. Kingsview Wealth Management LLC now owns 15,645 shares of the software company’s stock worth $7,895,000 after purchasing an additional 1,851 shares in the last quarter. Brighton Jones LLC boosted its position in Adobe by 1.0% in the 1st quarter. Brighton Jones LLC now owns 7,984 shares of the software company’s stock valued at $4,029,000 after buying an additional 80 shares during the last quarter. Dorsey & Whitney Trust CO LLC increased its stake in shares of Adobe by 3.0% in the 1st quarter. Dorsey & Whitney Trust CO LLC now owns 6,699 shares of the software company’s stock valued at $3,380,000 after buying an additional 197 shares during the period. Great Lakes Retirement Inc. raised its position in shares of Adobe by 4.9% during the first quarter. Great Lakes Retirement Inc. now owns 3,663 shares of the software company’s stock worth $1,848,000 after acquiring an additional 172 shares during the last quarter. Finally, Longitude Cayman Ltd. acquired a new position in shares of Adobe during the first quarter valued at $505,000. Institutional investors own 81.79% of the company’s stock.

Insider Buying and Selling

In related news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Adobe news, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares in the company, valued at $1,316,693.55. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the company’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 completion of the transaction, 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,187 shares of company stock worth $17,736,369. Company insiders own 0.15% of the company’s stock.

Adobe Stock Performance

ADBE opened at $532.50 on Thursday. The firm has a market capitalization of $234.41 billion, a PE ratio of 44.97, a PEG ratio of 2.71 and a beta of 1.30. Adobe Inc. has a 52-week low of $433.97 and a 52-week high of $638.25. The business’s 50-day simple moving average is $512.61 and its 200 day simple moving average is $517.56. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. During the same period in the prior year, the firm posted $3.26 earnings per share. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. As a group, sell-side analysts expect that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have weighed in on the company. UBS Group dropped their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday, September 13th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $610.00 price objective on shares of Adobe in a research note on Tuesday, October 15th. Morgan Stanley reissued an “overweight” rating and issued a $660.00 price target on shares of Adobe in a research note on Friday, September 13th. Stifel Nicolaus increased their target price on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Finally, Oppenheimer reiterated an “outperform” rating and issued a $625.00 price target on shares of Adobe in a research report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $606.40.

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.