Adobe Inc. (NASDAQ:ADBE) Shares Acquired by Capital World Investors

Capital World Investors increased its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 47.6% during the first quarter, HoldingsChannel reports. The fund owned 170,117 shares of the software company’s stock after buying an additional 54,866 shares during the period. Capital World Investors’ holdings in Adobe were worth $85,841,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of ADBE. Tradewinds Capital Management LLC grew its stake in shares of Adobe by 266.7% during the 1st quarter. Tradewinds Capital Management LLC now owns 55 shares of the software company’s stock worth $28,000 after purchasing an additional 40 shares during the period. Salomon & Ludwin LLC boosted its holdings in Adobe by 346.2% during the first quarter. Salomon & Ludwin LLC now owns 58 shares of the software company’s stock worth $29,000 after buying an additional 45 shares in the last quarter. Wetzel Investment Advisors Inc. acquired a new position in Adobe during the fourth quarter worth about $35,000. Steph & Co. increased its holdings in Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after buying an additional 30 shares in the last quarter. Finally, Vima LLC acquired a new stake in shares of Adobe during the 4th quarter valued at approximately $55,000. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Ratings Changes

ADBE has been the topic of a number of research reports. Citigroup lowered their price target on Adobe from $554.00 to $529.00 and set a “neutral” rating on the stock in a report on Monday, June 10th. Barclays upped their target price on Adobe from $630.00 to $650.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Evercore ISI reaffirmed an “outperform” rating and set a $650.00 price target on shares of Adobe in a research note on Friday, June 7th. Sanford C. Bernstein increased their price objective on shares of Adobe from $653.00 to $660.00 and gave the company an “outperform” rating in a research note on Monday, June 17th. Finally, Wells Fargo & Company lifted their target price on shares of Adobe from $675.00 to $700.00 and gave the stock an “overweight” rating in a research report on Friday, June 14th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $603.33.

Insider Activity at Adobe

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,501,989. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Adobe news, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $52,089.00. Following the transaction, the chief accounting officer now directly owns 2,797 shares of the company’s stock, valued at $1,501,989. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Scott Belsky sold 2,713 shares of the company’s stock in a transaction dated Thursday, May 2nd. The stock was sold at an average price of $474.30, for a total value of $1,286,775.90. Following the completion of the sale, the executive vice president now directly owns 21,114 shares of the company’s stock, valued at approximately $10,014,370.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 30,236 shares of company stock worth $16,281,053. Company insiders own 0.15% of the company’s stock.

Adobe Stock Performance

Shares of ADBE stock opened at $542.44 on Friday. The firm has a market capitalization of $240.52 billion, a price-to-earnings ratio of 48.74, a price-to-earnings-growth ratio of 2.83 and a beta of 1.30. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The company has a 50 day moving average price of $516.90 and a 200 day moving average price of $530.38. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.39 by $0.09. The firm had revenue of $5.31 billion during the quarter, compared to the consensus estimate of $5.29 billion. Adobe had a return on equity of 40.67% and a net margin of 24.86%. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $3.04 earnings per share. Sell-side analysts anticipate that Adobe Inc. will post 14.69 EPS for the current year.

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.