Olympiad Research LP Makes New Investment in Adobe Inc. (NASDAQ:ADBE)

Olympiad Research LP acquired a new position in shares of Adobe Inc. (NASDAQ:ADBE) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 1,534 shares of the software company’s stock, valued at approximately $794,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Adobe by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 40,648,975 shares of the software company’s stock worth $20,511,473,000 after purchasing an additional 382,803 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in Adobe by 17.6% during the 1st 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. Principal Financial Group Inc. boosted its stake in shares of Adobe by 0.6% in the 2nd quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock worth $1,097,475,000 after buying an additional 12,065 shares during the last quarter. Clearbridge Investments LLC boosted its stake in shares of Adobe by 0.8% in the 2nd quarter. Clearbridge Investments LLC now owns 1,974,734 shares of the software company’s stock worth $1,097,044,000 after buying an additional 15,685 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Adobe by 12.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,702,535 shares of the software company’s stock worth $945,780,000 after buying an additional 185,737 shares during the last quarter. 81.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. 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. Piper Sandler restated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research note on Friday, September 13th. Barclays boosted their target price on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a research note on Wednesday, September 4th. Finally, UBS Group cut their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating on the stock in a research note on Friday, September 13th. Two 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 given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Adobe Trading Up 3.8 %

NASDAQ:ADBE opened at $504.83 on Thursday. The company has a market cap of $222.23 billion, a P/E ratio of 42.64, a P/E/G ratio of 2.49 and a beta of 1.30. The stock’s fifty day moving average price is $517.87 and its two-hundred day moving average price is $516.33. Adobe Inc. has a 1 year low of $433.97 and a 1 year high of $638.25. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.11 and a quick ratio of 1.11.

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

Insider Transactions at Adobe

In other news, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed 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 completion of the transaction, the executive vice president now directly owns 18,128 shares in the company, valued at approximately $8,763,437.76. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 34,187 shares of company stock valued at $17,736,369. 0.15% of the stock is currently owned by company 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.