NS Partners Ltd Increases Stake in Adobe Inc. (NASDAQ:ADBE)

NS Partners Ltd raised its stake in shares of Adobe Inc. (NASDAQ:ADBE) by 2.0% during the 3rd quarter, Holdings Channel.com reports. The fund owned 69,830 shares of the software company’s stock after purchasing an additional 1,380 shares during the quarter. Adobe makes up approximately 1.5% of NS Partners Ltd’s portfolio, making the stock its 21st largest holding. NS Partners Ltd’s holdings in Adobe were worth $36,157,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in ADBE. Piscataqua Savings Bank lifted its position in Adobe by 226.7% in the third quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock worth $25,000 after buying an additional 34 shares during the last quarter. MidAtlantic Capital Management Inc. purchased a new stake in shares of Adobe during the third quarter valued at about $30,000. Summit Securities Group LLC purchased a new stake in shares of Adobe during the second quarter valued at about $33,000. Highline Wealth Partners LLC purchased a new stake in shares of Adobe during the third quarter valued at about $38,000. Finally, Lynx Investment Advisory purchased a new stake in shares of Adobe during the second quarter valued at about $39,000. Institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the topic of several recent analyst reports. Argus upgraded shares of Adobe to a “strong-buy” rating in a report on Monday, September 16th. Piper Sandler reiterated an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Friday, September 13th. Barclays raised their price objective on Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a report on Wednesday, September 4th. StockNews.com upgraded Adobe from a “hold” rating to a “buy” rating in a report on Friday, September 13th. Finally, Sanford C. Bernstein cut their target price on Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research note on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Adobe currently has a consensus rating of “Moderate Buy” and an average price target of $606.40.

Insider Activity

In related news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction dated Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the sale, the executive vice president now owns 18,128 shares in the company, valued at $8,763,437.76. This represents a 2.58 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction dated Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,187 shares of company stock worth $17,736,369 in the last quarter. Corporate insiders own 0.15% of the company’s stock.

Adobe Stock Up 0.0 %

Shares of ADBE opened at $499.61 on Wednesday. The business’s fifty day moving average price is $506.89 and its two-hundred day moving average price is $518.95. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The firm has a market capitalization of $219.93 billion, a price-to-earnings ratio of 42.20, a PEG ratio of 2.59 and a beta of 1.30. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25.

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