Groupama Asset Managment Buys 11,522 Shares of Adobe Inc. (NASDAQ:ADBE)

Groupama Asset Managment increased its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 28.8% during the third quarter, HoldingsChannel.com reports. The fund owned 51,482 shares of the software company’s stock after purchasing an additional 11,522 shares during the period. Groupama Asset Managment’s holdings in Adobe were worth $27,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in ADBE. ORG Partners LLC grew its holdings in Adobe by 3,590.7% in the 2nd quarter. ORG Partners LLC now owns 1,587 shares of the software company’s stock valued at $889,000 after buying an additional 1,544 shares during the last quarter. Country Club Bank raised its stake in Adobe by 0.8% during the 2nd quarter. Country Club Bank now owns 3,107 shares of the software company’s stock valued at $1,699,000 after purchasing an additional 24 shares during the last quarter. 180 Wealth Advisors LLC boosted its holdings in Adobe by 6.2% in the 2nd quarter. 180 Wealth Advisors LLC now owns 1,637 shares of the software company’s stock valued at $913,000 after purchasing an additional 95 shares during the period. Corundum Group Inc. acquired a new stake in Adobe in the 2nd quarter worth $209,000. Finally, Red Door Wealth Management LLC increased its holdings in shares of Adobe by 9.7% during the 2nd quarter. Red Door Wealth Management LLC now owns 10,194 shares of the software company’s stock worth $5,663,000 after purchasing an additional 902 shares during the period. 81.79% of the stock is owned by institutional investors.

Adobe Stock Performance

ADBE stock opened at $547.05 on Wednesday. The company has a 50 day moving average price of $504.80 and a 200 day moving average price of $522.67. Adobe Inc. has a fifty-two week low of $433.97 and a fifty-two week 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. The stock has a market capitalization of $240.81 billion, a PE ratio of 46.20, a price-to-earnings-growth ratio of 2.52 and a beta of 1.29.

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

Analyst Upgrades and Downgrades

ADBE has been the topic of a number of recent research reports. Morgan Stanley reissued an “overweight” rating and set a $660.00 target price on shares of Adobe in a research report on Friday, September 13th. JMP Securities restated a “market perform” rating on shares of Adobe in a research report on Friday, September 13th. Citigroup reduced their target price on Adobe from $616.00 to $590.00 and set a “neutral” rating for the company in a research report on Monday. BMO Capital Markets increased their price objective on shares of Adobe from $580.00 to $600.00 and gave the company an “outperform” rating in a research note on Friday, December 6th. Finally, Piper Sandler reiterated an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Thursday, December 5th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Adobe has an average rating of “Moderate Buy” and a consensus price target of $600.79.

Insider Transactions at Adobe

In other news, CFO Daniel Durn sold 6,500 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief financial officer now directly owns 20,838 shares of the company’s stock, valued at $10,740,738.72. This represents a 23.78 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Amy Banse sold 606 shares of Adobe stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $550.00, for a total transaction of $333,300.00. Following the transaction, the director now directly owns 32,929 shares in the company, valued at $18,110,950. The trade was a 1.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,793 shares of company stock worth $18,069,669 in the last quarter. 0.15% of the stock is 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.