Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Fmr LLC

Fmr LLC lifted its position in Adobe Inc. (NASDAQ:ADBE) by 8.8% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 9,690,163 shares of the software company’s stock after buying an additional 787,356 shares during the quarter. Fmr LLC’s holdings in Adobe were worth $5,017,373,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of ADBE. Silvercrest Asset Management Group LLC boosted its stake in shares of Adobe by 3.1% in the first quarter. Silvercrest Asset Management Group LLC now owns 12,112 shares of the software company’s stock valued at $6,112,000 after purchasing an additional 361 shares during the period. Waverly Advisors LLC grew its stake in shares of Adobe by 185.3% in the first quarter. Waverly Advisors LLC now owns 3,486 shares of the software company’s stock worth $1,759,000 after acquiring an additional 2,264 shares in the last quarter. Global Financial Private Client LLC increased its position in shares of Adobe by 9.7% during the first quarter. Global Financial Private Client LLC now owns 261 shares of the software company’s stock worth $131,000 after acquiring an additional 23 shares during the period. Redwood Investment Management LLC acquired a new stake in shares of Adobe in the first quarter valued at $403,000. Finally, Creekmur Asset Management LLC raised its position in Adobe by 33.1% in the 1st quarter. Creekmur Asset Management LLC now owns 326 shares of the software company’s stock valued at $164,000 after purchasing an additional 81 shares in the last quarter. Institutional investors and hedge funds own 81.79% of the company’s stock.

Insider Transactions at Adobe

In other Adobe news, CFO Daniel Durn sold 6,500 shares of the firm’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $515.44, for a total transaction of $3,350,360.00. Following the completion of 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Shantanu Narayen sold 25,000 shares of Adobe stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following 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 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 quarter. 0.15% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

ADBE has been the topic of several analyst reports. Piper Sandler reaffirmed an “overweight” rating and issued a $635.00 target price on shares of Adobe in a report on Friday, September 13th. Barclays raised their price objective on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. Bank of America reiterated a “buy” rating and set a $640.00 target price on shares of Adobe in a research note on Friday, September 13th. Sanford C. Bernstein cut their price target on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research note on Friday, September 13th. Finally, Stifel Nicolaus upped 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. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Adobe has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Adobe Stock Performance

NASDAQ ADBE opened at $518.73 on Tuesday. The stock has a market capitalization of $228.34 billion, a price-to-earnings ratio of 43.81, a PEG ratio of 2.64 and a beta of 1.30. The business’s 50 day moving average is $503.08 and its two-hundred day moving average is $519.50. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the company earned $3.26 earnings per share. Research analysts expect that Adobe Inc. will post 14.82 EPS for the current year.

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.