abrdn plc Raises Position in Adobe Inc. (NASDAQ:ADBE)

abrdn plc lifted its stake in Adobe Inc. (NASDAQ:ADBE) by 2.9% in the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 667,726 shares of the software company’s stock after purchasing an additional 18,817 shares during the quarter. Adobe comprises 0.6% of abrdn plc’s portfolio, making the stock its 23rd biggest holding. abrdn plc owned about 0.15% of Adobe worth $344,069,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. International Assets Investment Management LLC lifted its holdings in Adobe by 66,909.7% during the 3rd quarter. International Assets Investment Management LLC now owns 1,378,390 shares of the software company’s stock valued at $713,703,000 after buying an additional 1,376,333 shares in the last quarter. Swedbank AB purchased a new position in shares of Adobe during the first quarter worth approximately $621,179,000. Longview Partners Guernsey LTD bought a new stake in shares of Adobe during the second quarter valued at approximately $663,745,000. Price T Rowe Associates Inc. MD grew its stake in Adobe by 17.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after purchasing an additional 1,146,718 shares in the last quarter. Finally, BlueSpruce Investments LP grew its stake in Adobe by 81.1% in the first quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock worth $648,712,000 after purchasing an additional 575,675 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on ADBE. Citigroup raised their target price on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a research report on Wednesday, September 11th. JMP Securities reiterated a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Oppenheimer reaffirmed an “outperform” rating and issued a $625.00 price target on shares of Adobe in a report on Friday, September 13th. StockNews.com raised Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Finally, Stifel Nicolaus upped their target price on Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research report on Friday, September 6th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $606.40.

Insider Buying and Selling

In other Adobe news, EVP Scott Belsky sold 481 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total value of $232,525.02. Following the sale, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at approximately $8,763,437.76. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Adobe news, CFO Daniel Durn sold 6,500 shares of the firm’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 transaction, the chief financial officer now owns 20,838 shares in the company, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the sale, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at $8,763,437.76. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 33,511 shares of company stock valued at $17,408,530. 0.15% of the stock is owned by company insiders.

Adobe Trading Down 0.6 %

Adobe stock opened at $481.04 on Tuesday. 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 $213.29 billion, a PE ratio of 43.22, a P/E/G ratio of 2.55 and a beta of 1.29. The stock’s 50 day simple moving average is $528.39 and its two-hundred day simple moving average is $515.94. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25.

Adobe (NASDAQ:ADBE) last released its quarterly earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate of $4.53 by $0.12. The company had revenue of $5.41 billion for the quarter, compared to analyst estimates of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The firm’s revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the business earned $3.26 earnings per share. Analysts anticipate that Adobe Inc. will post 14.8 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.