Adobe Inc. (NASDAQ:ADBE) Shares Purchased by Lmcg Investments LLC

Lmcg Investments LLC raised its holdings in Adobe Inc. (NASDAQ:ADBE) by 8.5% in the second quarter, Holdings Channel.com reports. The fund owned 23,822 shares of the software company’s stock after acquiring an additional 1,860 shares during the period. Lmcg Investments LLC’s holdings in Adobe were worth $13,234,000 at the end of the most recent reporting period.

Other large investors also recently made changes to their positions in the company. Wellington Management Group LLP lifted its stake in Adobe by 1,213.5% during the fourth quarter. Wellington Management Group LLP now owns 2,024,438 shares of the software company’s stock valued at $1,207,780,000 after purchasing an additional 1,870,307 shares during the last quarter. Swedbank AB acquired a new stake in shares of Adobe during the 1st quarter valued at $621,179,000. Price T Rowe Associates Inc. MD boosted its stake in shares of 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 acquiring an additional 1,146,718 shares in the last quarter. BlueSpruce Investments LP raised its position in shares of Adobe by 81.1% during 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 during the period. Finally, Liberty Wealth Management LLC lifted its holdings in shares of Adobe by 55,496.6% during the second quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock valued at $318,127,000 after purchasing an additional 571,615 shares during the last quarter. Institutional investors own 81.79% of the company’s stock.

Adobe Price Performance

ADBE opened at $521.50 on Tuesday. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.16 and a current ratio of 1.16. The firm has a market capitalization of $231.23 billion, a PE ratio of 46.86, a P/E/G ratio of 3.03 and a beta of 1.29. The company has a fifty day moving average price of $552.68 and a two-hundred day moving average price of $519.46.

Adobe (NASDAQ:ADBE) last announced 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. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the previous year, the business earned $3.26 EPS. The firm’s revenue was up 10.6% on a year-over-year basis. As a group, analysts anticipate that Adobe Inc. will post 14.69 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on ADBE shares. Piper Sandler Companies reissued an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research report on Friday, July 12th. Wells Fargo & Company increased their target price on Adobe from $675.00 to $700.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Melius Research reissued a “hold” rating and set a $510.00 price target on shares of Adobe in a research report on Monday, June 10th. Citigroup raised their price objective on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Finally, TD Cowen decreased their price target on shares of Adobe from $640.00 to $625.00 and set a “buy” rating for the company in a report on Monday, June 10th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eighteen have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $606.58.

Insider Activity at Adobe

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total value of $13,602,750.00. Following the sale, the chief executive officer now owns 379,660 shares in the company, valued at approximately $206,576,802.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction that occurred on Thursday, June 27th. The stock was sold at an average price of $544.11, for a total transaction of $13,602,750.00. Following the completion of the transaction, the chief executive officer now directly owns 379,660 shares of the company’s stock, valued at $206,576,802.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Mark S. Garfield sold 97 shares of the firm’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $537.00, for a total value of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares of the company’s stock, valued at $1,501,989. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 27,259 shares of company stock valued at $14,855,543. 0.15% of the stock is owned by corporate insiders.

Adobe Company 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.