Adobe Inc. (NASDAQ:ADBE) Shares Purchased by McCollum Christoferson Group LLC

McCollum Christoferson Group LLC raised its stake in Adobe Inc. (NASDAQ:ADBE) by 1.0% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 6,347 shares of the software company’s stock after purchasing an additional 60 shares during the quarter. McCollum Christoferson Group LLC’s holdings in Adobe were worth $3,286,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. GAMMA Investing LLC increased its position in shares of Adobe by 28.0% in the third quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock worth $3,344,000 after acquiring an additional 1,412 shares in the last quarter. Steph & Co. raised its position in Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock valued at $39,000 after purchasing an additional 30 shares during the period. International Assets Investment Management LLC lifted its stake in shares of Adobe by 16.2% during the first quarter. International Assets Investment Management LLC now owns 2,858 shares of the software company’s stock worth $1,435,000 after purchasing an additional 398 shares in the last quarter. Anchor Investment Management LLC boosted its position in shares of Adobe by 9.8% in the second quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock worth $8,892,000 after buying an additional 1,430 shares during the period. Finally, Choreo LLC grew its stake in shares of Adobe by 4.7% in the first quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after buying an additional 197 shares in the last quarter. 81.79% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Adobe news, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $52,089.00. Following the completion of the transaction, the chief accounting officer now owns 2,797 shares in the company, valued at approximately $1,501,989. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CAO Mark S. Garfield sold 97 shares of Adobe stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $537.00, for a total transaction of $52,089.00. Following the sale, the chief accounting officer now directly owns 2,797 shares in the company, valued at $1,501,989. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the stock in a transaction dated Wednesday, September 25th. The shares were sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at $186,569,166. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 32,078 shares of company stock valued at $16,700,246 in the last three months. 0.15% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

ADBE has been the subject of a number of analyst reports. Stifel Nicolaus upped their price target on Adobe from $600.00 to $650.00 and gave the stock a “buy” rating in a report on Friday, September 6th. UBS Group lowered their price target on shares of Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a report on Friday, September 13th. Bank of America reiterated a “buy” rating and issued a $640.00 price objective on shares of Adobe in a report on Friday, September 13th. Royal Bank of Canada restated an “outperform” rating and set a $610.00 target price on shares of Adobe in a research note on Tuesday. Finally, Piper Sandler reiterated an “overweight” rating and issued a $635.00 price target on shares of Adobe in a research note on Friday, September 13th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and an average price target of $606.40.

Adobe Price Performance

Shares of NASDAQ ADBE opened at $502.54 on Thursday. 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 firm has a market capitalization of $222.83 billion, a PE ratio of 45.15, a P/E/G ratio of 2.55 and a beta of 1.29. Adobe Inc. has a 1-year low of $433.97 and a 1-year high of $638.25. The business’s fifty day moving average price is $536.95 and its two-hundred day moving average price is $515.85.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The business had revenue of $5.41 billion for the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter last year, the company earned $3.26 EPS. The company’s revenue for the quarter was up 10.6% compared to the same quarter last year. On average, research analysts expect that Adobe Inc. will post 14.8 EPS for the current year.

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.