Zacks Investment Management Boosts Holdings in Adobe Inc. (NASDAQ:ADBE)

Zacks Investment Management increased its position in Adobe Inc. (NASDAQ:ADBE) by 14.1% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,247 shares of the software company’s stock after purchasing an additional 401 shares during the quarter. Zacks Investment Management’s holdings in Adobe were worth $1,681,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in ADBE. Piscataqua Savings Bank increased its position in shares of Adobe by 226.7% during the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after acquiring an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new position in shares of Adobe during the 3rd quarter valued at approximately $30,000. True Wealth Design LLC grew its position in shares of Adobe by 141.7% during the third quarter. True Wealth Design LLC now owns 58 shares of the software company’s stock worth $30,000 after buying an additional 34 shares in the last quarter. Summit Securities Group LLC acquired a new stake in Adobe in the second quarter valued at $33,000. Finally, Briaud Financial Planning Inc bought a new position in Adobe during the 3rd quarter valued at $36,000. 81.79% of the stock is owned by institutional investors and hedge funds.

Adobe Price Performance

Shares of Adobe stock opened at $547.93 on Tuesday. Adobe Inc. has a 52 week low of $433.97 and a 52 week 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. The stock has a market cap of $241.20 billion, a PE ratio of 46.28, a price-to-earnings-growth ratio of 2.52 and a beta of 1.29. The company’s 50-day moving average price is $504.80 and its two-hundred day moving average price is $522.67.

Adobe (NASDAQ:ADBE) last released its earnings results 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 business had revenue of $5.41 billion for the quarter, compared to the consensus estimate of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same period in the previous year, the firm earned $3.26 EPS. As a group, sell-side analysts anticipate that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently weighed in on ADBE. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. BMO Capital Markets lifted their target price on Adobe from $580.00 to $600.00 and gave the stock an “outperform” rating in a research report on Friday. Argus upgraded Adobe to a “strong-buy” rating in a research note on Monday, September 16th. UBS Group dropped their target price on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a report on Friday, September 13th. Finally, Oppenheimer reaffirmed an “outperform” rating and issued a $625.00 price target on shares of Adobe in a report on Friday, September 13th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $600.79.

Insider Transactions at Adobe

In other Adobe news, CFO Daniel Durn sold 6,500 shares of Adobe stock in a transaction that occurred on 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 transaction, the chief financial officer now directly owns 20,838 shares in the company, valued at approximately $10,740,738.72. The trade was a 23.78 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction 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 sale, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $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 over the last three months. Company insiders own 0.15% of the company’s stock.

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.