Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Strategy Asset Managers LLC

Strategy Asset Managers LLC increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 100.3% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,057 shares of the software company’s stock after acquiring an additional 1,030 shares during the quarter. Strategy Asset Managers LLC’s holdings in Adobe were worth $1,065,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. Piscataqua Savings Bank boosted its holdings in shares of Adobe by 226.7% during the 3rd 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. MidAtlantic Capital Management Inc. acquired a new position in Adobe during the third quarter worth $30,000. Summit Securities Group LLC purchased a new stake in Adobe in the 2nd quarter valued at $33,000. Highline Wealth Partners LLC acquired a new stake in shares of Adobe in the 3rd quarter worth $38,000. Finally, Lynx Investment Advisory purchased a new position in shares of Adobe during the 2nd quarter worth $39,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity

In related news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction dated Friday, October 25th. The stock was 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 $8,763,437.76. This represents a 2.58 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction that occurred on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. This trade represents a 23.78 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,187 shares of company stock worth $17,736,369. Corporate insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on ADBE shares. Oppenheimer reissued an “outperform” rating and issued a $625.00 price objective on shares of Adobe in a report on Friday, September 13th. Piper Sandler reissued an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research note on Friday, September 13th. Sanford C. Bernstein reduced their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. UBS Group lowered their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research report on Friday, September 13th. Finally, Barclays raised their target price on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Stock Up 0.0 %

ADBE stock opened at $499.61 on Wednesday. The company’s 50 day moving average price is $506.89 and its 200 day moving average price is $518.95. The firm has a market capitalization of $219.93 billion, a price-to-earnings ratio of 42.20, a PEG ratio of 2.59 and a beta of 1.30. 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 quick ratio of 1.11 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. During the same period in the prior year, the firm posted $3.26 EPS. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, equities research analysts anticipate that Adobe Inc. will post 14.82 EPS for the current fiscal year.

About Adobe

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.