CV Advisors LLC lessened its holdings in Adobe Inc. (NASDAQ:ADBE – Get Rating) by 5.3% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 3,483 shares of the software company's stock after selling 193 shares during the quarter. Adobe accounts for approximately 0.9% of CV Advisors LLC's investment portfolio, making the stock its 12th biggest position. CV Advisors LLC's holdings in Adobe were worth $960,000 at the end of the most recent quarter.
A number of other institutional investors also recently modified their holdings of ADBE. VELA Investment Management LLC raised its stake in Adobe by 122.2% in the first quarter. VELA Investment Management LLC now owns 1,958 shares of the software company's stock valued at $892,000 after purchasing an additional 1,077 shares in the last quarter. Bornite Capital Management LP acquired a new position in Adobe during the first quarter worth about $15,947,000. United Bank raised its stake in Adobe by 34.7% during the first quarter. United Bank now owns 2,109 shares of the software company's stock worth $961,000 after acquiring an additional 543 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its stake in Adobe by 21.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 525,897 shares of the software company's stock worth $239,609,000 after acquiring an additional 91,328 shares in the last quarter. Finally, Ergoteles LLC raised its stake in Adobe by 138.3% during the first quarter. Ergoteles LLC now owns 6,651 shares of the software company's stock worth $3,030,000 after acquiring an additional 3,860 shares in the last quarter. Institutional investors own 79.36% of the company's stock.
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Insider Activity at Adobe
In related news, CEO Shantanu Narayen sold 15,000 shares of the stock in a transaction on Friday, January 20th. The stock was sold at an average price of $346.61, for a total value of $5,199,150.00. Following the completion of the sale, the chief executive officer now directly owns 408,866 shares of the company's stock, valued at approximately $141,717,044.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CAO Mark S. Garfield sold 209 shares of the stock in a transaction on Wednesday, January 25th. The stock was sold at an average price of $355.42, for a total value of $74,282.78. Following the completion of the sale, the chief accounting officer now directly owns 3,479 shares of the company's stock, valued at approximately $1,236,506.18. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Shantanu Narayen sold 15,000 shares of the firm's stock in a transaction on Friday, January 20th. The shares were sold at an average price of $346.61, for a total value of $5,199,150.00. Following the sale, the chief executive officer now directly owns 408,866 shares of the company's stock, valued at $141,717,044.26. The disclosure for this sale can be found here. In the last three months, insiders sold 26,265 shares of company stock valued at $9,067,344. 0.23% of the stock is owned by insiders.
Analyst Upgrades and Downgrades
ADBE has been the subject of several research analyst reports. UBS Group boosted their target price on Adobe from $320.00 to $350.00 in a research note on Monday, December 12th. DA Davidson started coverage on Adobe in a research note on Tuesday, January 17th. They issued a "neutral" rating and a $350.00 price objective for the company. Piper Sandler upped their price objective on Adobe from $380.00 to $415.00 and gave the company an "overweight" rating in a research note on Monday, January 9th. BMO Capital Markets upped their price objective on Adobe from $332.00 to $390.00 and gave the company a "market perform" rating in a research note on Friday, December 16th. Finally, Wells Fargo & Company upped their price objective on Adobe from $310.00 to $340.00 in a research note on Wednesday, December 14th. Sixteen research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $412.81.
Adobe Stock Up 1.3 %
Shares of NASDAQ:ADBE traded up $4.89 during trading on Friday, reaching $370.71. 2,615,582 shares of the stock were exchanged, compared to its average volume of 2,137,993. The company has a debt-to-equity ratio of 0.26, a current ratio of 1.11 and a quick ratio of 1.11. Adobe Inc. has a 1-year low of $274.73 and a 1-year high of $540.46. The stock has a fifty day moving average of $338.91 and a two-hundred day moving average of $347.69. The firm has a market cap of $169.71 billion, a price-to-earnings ratio of 36.70, a price-to-earnings-growth ratio of 2.28 and a beta of 1.24.
Adobe (NASDAQ:ADBE – Get Rating) last issued its earnings results on Thursday, December 15th. The software company reported $2.78 earnings per share for the quarter, hitting analysts' consensus estimates of $2.78. Adobe had a return on equity of 36.74% and a net margin of 27.01%. The company had revenue of $4.53 billion for the quarter, compared to analyst estimates of $4.52 billion. Research analysts anticipate that Adobe Inc. will post 12.18 earnings per share for the current fiscal year.
Adobe Profile
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Adobe, Inc engages in the provision of digital marketing and media solutions. It operates through the following segments: Digital Media, Digital Experience, and Publishing. The Digital Media segment offers creative cloud services, which allow members to download and install the latest versions of products, such as Adobe Photoshop, Adobe Illustrator, Adobe Premiere Pro, Adobe Photoshop Lightroom and Adobe InDesign, as well as utilize other tools, such as Adobe Acrobat.
Further Reading
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