Ieq Capital LLC Raises Position in Adobe Inc. (NASDAQ:ADBE)

Ieq Capital LLC increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 22.7% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 65,408 shares of the software company’s stock after buying an additional 12,105 shares during the period. Ieq Capital LLC’s holdings in Adobe were worth $29,086,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. State Street Corp raised its position in shares of Adobe by 1.2% in the third quarter. State Street Corp now owns 20,270,287 shares of the software company’s stock worth $10,495,544,000 after buying an additional 234,909 shares in the last quarter. Geode Capital Management LLC raised its position in Adobe by 1.4% during the third quarter. Geode Capital Management LLC now owns 10,529,089 shares of the software company’s stock valued at $5,435,377,000 after purchasing an additional 147,981 shares in the last quarter. FMR LLC raised its position in Adobe by 8.8% during the third quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after purchasing an additional 787,356 shares in the last quarter. Fisher Asset Management LLC raised its position in Adobe by 2.0% during the third quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock valued at $2,516,196,000 after purchasing an additional 93,143 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Adobe by 3.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock valued at $2,455,079,000 after purchasing an additional 140,390 shares in the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Insider Activity

In other Adobe news, Director David A. Ricks bought 2,250 shares of the stock in a transaction dated Tuesday, January 28th. The stock was purchased at an average cost of $443.98 per share, for a total transaction of $998,955.00. Following the completion of the acquisition, the director now owns 4,984 shares of the company’s stock, valued at approximately $2,212,796.32. This trade represents a 82.30 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction that occurred on Friday, December 6th. The shares were sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now owns 32,929 shares of the company’s stock, valued at $18,110,950. The trade was a 1.81 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 5,681 shares of company stock worth $2,525,126. Insiders own 0.15% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on ADBE. StockNews.com upgraded Adobe from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, January 28th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $590.00 price objective on shares of Adobe in a research note on Thursday, February 13th. Piper Sandler reduced their price objective on Adobe from $635.00 to $600.00 and set an “overweight” rating on the stock in a research note on Thursday, December 12th. Redburn Atlantic initiated coverage on Adobe in a research note on Wednesday. They set a “neutral” rating on the stock. Finally, Citigroup reduced their price objective on Adobe from $616.00 to $590.00 and set a “neutral” rating on the stock in a research note on Monday, December 9th. One research analyst has rated the stock with a sell rating, eleven have issued a hold rating, sixteen have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $570.88.

Adobe Stock Performance

Adobe stock opened at $456.99 on Thursday. The stock’s 50 day simple moving average is $441.28 and its two-hundred day simple moving average is $494.89. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.07 and a current ratio of 1.07. The stock has a market cap of $198.93 billion, a price-to-earnings ratio of 36.85, a PEG ratio of 2.23 and a beta of 1.31. Adobe Inc. has a fifty-two week low of $403.75 and a fifty-two week high of $587.75.

Adobe (NASDAQ:ADBE) last posted its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share for the quarter, beating the consensus estimate of $4.67 by $0.14. The business had revenue of $5.61 billion for the quarter, compared to analysts’ expectations of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business’s revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the firm posted $3.52 EPS. As a group, analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal 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.