BSW Wealth Partners lifted its position in Adobe Inc. (NASDAQ:ADBE – Free Report) by 26.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,083 shares of the software company’s stock after acquiring an additional 637 shares during the period. BSW Wealth Partners’ holdings in Adobe were worth $1,188,000 as of its most recent SEC filing.
Other institutional investors have also made changes to their positions in the company. VELA Investment Management LLC grew its position in Adobe by 122.2% during the first quarter. VELA Investment Management LLC now owns 1,958 shares of the software company’s stock valued at $892,000 after purchasing an additional 1,077 shares in the last quarter. Bornite Capital Management LP purchased a new position in Adobe during the first quarter valued at approximately $15,947,000. United Bank grew its position in Adobe by 34.7% during the first quarter. United Bank now owns 2,109 shares of the software company’s stock valued at $961,000 after purchasing an additional 543 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Adobe by 21.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 525,897 shares of the software company’s stock valued at $239,609,000 after purchasing an additional 91,328 shares in the last quarter. Finally, Ergoteles LLC grew its position in Adobe by 138.3% during the first quarter. Ergoteles LLC now owns 6,651 shares of the software company’s stock valued at $3,030,000 after purchasing an additional 3,860 shares in the last quarter. 80.00% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
ADBE has been the topic of a number of research analyst reports. Barclays boosted their price objective on shares of Adobe from $540.00 to $620.00 and gave the company an “equal weight” rating in a research report on Friday. JPMorgan Chase & Co. lifted their target price on shares of Adobe from $380.00 to $450.00 in a research note on Tuesday, June 13th. Citigroup lifted their target price on shares of Adobe from $462.00 to $544.00 in a research note on Friday, June 16th. Royal Bank of Canada lifted their target price on shares of Adobe from $460.00 to $555.00 in a research note on Friday, June 16th. Finally, Piper Sandler lifted their target price on shares of Adobe from $500.00 to $572.00 in a research note on Friday, June 16th. Ten investment analysts have rated the stock with a hold rating and nineteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $537.21.
Adobe Trading Up 0.7 %
Shares of ADBE stock opened at $564.50 on Tuesday. The firm has a market capitalization of $257.30 billion, a P/E ratio of 53.86, a price-to-earnings-growth ratio of 3.36 and a beta of 1.33. The company has a current ratio of 1.16, a quick ratio of 1.16 and a debt-to-equity ratio of 0.24. The firm’s fifty day simple moving average is $525.33 and its 200 day simple moving average is $437.54. Adobe Inc. has a 1 year low of $274.73 and a 1 year high of $570.24.
Adobe (NASDAQ:ADBE – Get Free Report) last announced its quarterly earnings data on Thursday, June 15th. The software company reported $3.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.79 by $0.12. Adobe had a net margin of 26.34% and a return on equity of 36.84%. The company had revenue of $4.82 billion during the quarter, compared to analysts’ expectations of $4.77 billion. During the same quarter in the prior year, the company posted $2.70 EPS. The business’s revenue was up 9.8% on a year-over-year basis. As a group, sell-side analysts predict that Adobe Inc. will post 12.56 EPS for the current year.
Insider Activity
In other news, CAO Mark S. Garfield sold 298 shares of the stock in a transaction on Friday, August 4th. The shares were sold at an average price of $526.74, for a total value of $156,968.52. Following the completion of the transaction, the chief accounting officer now owns 4,055 shares in the company, valued at approximately $2,135,930.70. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, CEO Shantanu Narayen sold 35,000 shares of the stock in a transaction dated Thursday, June 22nd. The shares were sold at an average price of $478.03, for a total transaction of $16,731,050.00. Following the completion of the sale, the chief executive officer now owns 403,352 shares in the company, valued at approximately $192,814,356.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Mark S. Garfield sold 298 shares of the stock in a transaction dated Friday, August 4th. The stock was sold at an average price of $526.74, for a total transaction of $156,968.52. Following the sale, the chief accounting officer now owns 4,055 shares of the company’s stock, valued at approximately $2,135,930.70. The disclosure for this sale can be found here. In the last 90 days, insiders sold 43,089 shares of company stock worth $20,720,115. 0.24% of the stock is currently owned by corporate insiders.
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.
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