Adobe Inc. (NASDAQ:ADBE) Holdings Lifted by J. Stern & Co. LLP

J. Stern & Co. LLP grew its position in shares of Adobe Inc. (NASDAQ:ADBE) by 4.7% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 81,839 shares of the software company’s stock after purchasing an additional 3,664 shares during the period. Adobe accounts for about 4.5% of J. Stern & Co. LLP’s investment portfolio, making the stock its 9th largest position. J. Stern & Co. LLP’s holdings in Adobe were worth $42,375,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of ADBE. Piscataqua Savings Bank boosted its stake in Adobe by 226.7% in the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. acquired a new stake in shares of Adobe in the third quarter worth approximately $30,000. Summit Securities Group LLC acquired a new stake in shares of Adobe in the second quarter worth approximately $33,000. Briaud Financial Planning Inc purchased a new stake in Adobe in the third quarter valued at approximately $36,000. Finally, Highline Wealth Partners LLC acquired a new position in Adobe during the third quarter worth approximately $38,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Activity

In other news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction 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 completion of the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. The trade was a 6.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Daniel Durn sold 6,500 shares of the stock in a transaction dated Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of the sale, 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. Over the last ninety days, insiders sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is currently owned by insiders.

Adobe Stock Performance

Shares of NASDAQ ADBE traded up $1.27 during trading on Tuesday, reaching $520.00. The stock had a trading volume of 286,898 shares, compared to its average volume of 3,135,816. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The stock has a market cap of $228.90 billion, a PE ratio of 43.81, a P/E/G ratio of 2.64 and a beta of 1.30. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The firm’s 50 day moving average price is $503.08 and its two-hundred day moving average price is $519.50.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share 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 firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the previous year, the firm earned $3.26 earnings per share. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, research analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ADBE. Argus upgraded shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. Stifel Nicolaus lifted their target price on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a report on Friday, September 6th. JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. UBS Group cut their price objective on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Finally, Barclays boosted their target price on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $606.40.

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.