JAT Capital Mgmt LP Purchases New Holdings in Adobe Inc. (NASDAQ:ADBE)

JAT Capital Mgmt LP acquired a new stake in Adobe Inc. (NASDAQ:ADBE) during the 3rd quarter, Holdings Channel.com reports. The fund acquired 4,207 shares of the software company’s stock, valued at approximately $2,178,000.

A number of other institutional investors have also recently made changes to their positions in ADBE. Piscataqua Savings Bank raised its stake in shares of Adobe by 226.7% in the third 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 period. MidAtlantic Capital Management Inc. bought a new stake in shares of Adobe in the 3rd quarter worth about $30,000. Summit Securities Group LLC bought a new stake in shares of Adobe during the second quarter worth $33,000. Briaud Financial Planning Inc bought a new stake in Adobe during the 3rd quarter valued at $36,000. Finally, Highline Wealth Partners LLC purchased a new stake in shares of Adobe in the 3rd quarter worth approximately $38,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on ADBE shares. Stifel Nicolaus boosted their target price on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a research note on Friday, September 6th. Argus raised shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. UBS Group decreased their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. StockNews.com raised shares of Adobe from a “hold” rating to a “buy” rating in a research note on Friday, September 13th. Finally, JMP Securities reiterated a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Insiders Place Their Bets

In other news, CFO Daniel Durn sold 6,500 shares of the business’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the completion of the transaction, the chief financial officer now owns 20,838 shares in the company, valued at $10,740,738.72. The trade was a 23.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Shantanu Narayen sold 25,000 shares of the firm’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of 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 have sold 34,187 shares of company stock valued at $17,736,369 in the last ninety days. Company insiders own 0.15% of the company’s stock.

Adobe Stock Performance

ADBE stock opened at $515.93 on Friday. The stock has a 50-day moving average price of $503.01 and a 200-day moving average price of $519.95. Adobe Inc. has a 1-year low of $433.97 and a 1-year 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 firm has a market cap of $227.11 billion, a PE ratio of 43.58, a price-to-earnings-growth ratio of 2.65 and a beta of 1.30.

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

Adobe 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.