Adobe Inc. (NASDAQ:ADBE) Shares Purchased by First Long Island Investors LLC

First Long Island Investors LLC grew its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 1.4% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 47,878 shares of the software company’s stock after purchasing an additional 643 shares during the quarter. Adobe accounts for 2.0% of First Long Island Investors LLC’s investment portfolio, making the stock its 21st biggest position. First Long Island Investors LLC’s holdings in Adobe were worth $24,790,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently modified their holdings of the company. GM Advisory Group LLC purchased a new stake in shares of Adobe during the first quarter worth about $214,000. Forge First Asset Management Inc. purchased a new stake in Adobe during the 1st quarter worth approximately $6,207,000. M&G Plc acquired a new position in shares of Adobe in the 1st quarter valued at approximately $62,015,000. Mizuho Markets Cayman LP purchased a new position in shares of Adobe during the 1st quarter valued at approximately $426,000. Finally, First Foundation Advisors grew its position in shares of Adobe by 6.9% during the first quarter. First Foundation Advisors now owns 9,953 shares of the software company’s stock worth $5,022,000 after buying an additional 646 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ADBE. Morgan Stanley reaffirmed an “overweight” rating and issued a $660.00 price target on shares of Adobe in a report on Friday, September 13th. Piper Sandler reaffirmed an “overweight” rating and set a $635.00 price target on shares of Adobe in a research report on Friday, September 13th. Sanford C. Bernstein lowered their price objective on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a report on Friday, September 13th. Argus upgraded Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Stifel Nicolaus lifted their target price on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research report on Friday, September 6th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Price Performance

Adobe stock traded down $26.23 during midday trading on Friday, hitting $503.64. The company’s stock had a trading volume of 1,698,895 shares, compared to its average volume of 3,159,040. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock’s 50-day moving average price is $510.99 and its 200-day moving average price is $517.75. The company has a market capitalization of $221.70 billion, a PE ratio of 42.92, a price-to-earnings-growth ratio of 2.74 and a beta of 1.30.

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

Insider Activity

In related news, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This trade represents a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction on 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 directly owns 357,700 shares in the company, valued at $186,569,166. The trade was a 6.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock worth $17,736,369 over the last quarter. Corporate insiders own 0.15% of the company’s stock.

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.