PineStone Asset Management Inc. Buys 2,400 Shares of Adobe Inc. (NASDAQ:ADBE)

PineStone Asset Management Inc. increased its position in shares of Adobe Inc. (NASDAQ:ADBE) by 0.9% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 278,363 shares of the software company’s stock after purchasing an additional 2,400 shares during the quarter. Adobe accounts for approximately 1.4% of PineStone Asset Management Inc.’s investment portfolio, making the stock its 24th largest position. PineStone Asset Management Inc.’s holdings in Adobe were worth $144,131,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of ADBE. International Assets Investment Management LLC boosted its stake in Adobe by 66,909.7% in the third quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after buying an additional 1,376,333 shares in the last quarter. Swedbank AB bought a new position in shares of Adobe in the first quarter worth about $621,179,000. Longview Partners Guernsey LTD acquired a new stake in shares of Adobe in the 2nd quarter valued at approximately $663,745,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Adobe by 17.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock valued at $3,857,189,000 after purchasing an additional 1,146,718 shares during the last quarter. Finally, BlueSpruce Investments LP increased its position in Adobe by 81.1% during the 1st quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock worth $648,712,000 after purchasing an additional 575,675 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Trading Down 1.8 %

NASDAQ:ADBE opened at $478.08 on Friday. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The company has a market cap of $211.98 billion, a PE ratio of 42.95, a PEG 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. The firm has a 50-day moving average of $523.68 and a 200-day moving average of $515.55.

Adobe (NASDAQ:ADBE) last issued its quarterly earnings data 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 firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The company’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the previous year, the company posted $3.26 EPS. As a group, equities research analysts expect that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Wall Street Analyst Weigh In

ADBE has been the topic of a number of research reports. Oppenheimer reaffirmed an “outperform” rating and set a $625.00 target price on shares of Adobe in a research note on Friday, September 13th. Stifel Nicolaus boosted their price objective on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Citigroup increased their target price on Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. Royal Bank of Canada restated an “outperform” rating and set a $610.00 price target on shares of Adobe in a report on Tuesday, October 15th. Finally, Piper Sandler Companies reiterated an “overweight” rating and issued a $635.00 price objective on shares of Adobe in a report on Friday, July 12th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned 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 a consensus target price of $606.40.

Insiders Place Their Bets

In related news, EVP Scott Belsky sold 1,530 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $513.82, for a total transaction of $786,144.60. Following the transaction, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at $9,675,744.42. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total transaction of $786,144.60. Following the completion of the sale, the executive vice president now directly owns 18,831 shares of the company’s stock, valued at approximately $9,675,744.42. 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 can be accessed through this link. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the completion of the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,187 shares of company stock valued at $17,736,369 in the last three months. 0.15% of the stock is currently 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.