Tevis Investment Management Grows Position in Adobe Inc. (NASDAQ:ADBE)

Tevis Investment Management raised its holdings in shares of Adobe Inc. (NASDAQ:ADBE) by 3.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,054 shares of the software company’s stock after buying an additional 35 shares during the quarter. Tevis Investment Management’s holdings in Adobe were worth $546,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of ADBE. GAMMA Investing LLC lifted its stake in Adobe by 28.0% in the 3rd quarter. GAMMA Investing LLC now owns 6,458 shares of the software company’s stock worth $3,344,000 after purchasing an additional 1,412 shares in the last quarter. Anchor Investment Management LLC lifted its position in Adobe by 9.8% during 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 in the last quarter. Choreo LLC boosted its stake in Adobe by 4.7% during the first quarter. Choreo LLC now owns 4,431 shares of the software company’s stock worth $2,236,000 after buying an additional 197 shares during the last quarter. Fairscale Capital LLC acquired a new stake in shares of Adobe in the 2nd quarter worth $1,318,000. Finally, Daymark Wealth Partners LLC raised its holdings in shares of Adobe by 89.8% during the 2nd quarter. Daymark Wealth Partners LLC now owns 9,118 shares of the software company’s stock worth $5,065,000 after acquiring an additional 4,315 shares during the period. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Morgan Stanley reissued an “overweight” rating and issued a $660.00 price objective on shares of Adobe in a report on Friday, September 13th. Oppenheimer restated an “outperform” rating and set a $625.00 price target on shares of Adobe in a report on Friday, September 13th. Barclays upped 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. Piper Sandler restated an “overweight” rating and issued a $635.00 target price on shares of Adobe in a research report on Friday, September 13th. Finally, Citigroup increased their price target on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a report on Wednesday, September 11th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $606.40.

Insider Transactions at Adobe

In related news, EVP Scott Belsky sold 481 shares of the stock in a transaction on Friday, October 25th. The shares were sold at an average price of $483.42, for a total value of $232,525.02. Following the transaction, the executive vice president now directly owns 18,128 shares of the company’s stock, valued at $8,763,437.76. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Adobe news, EVP Scott Belsky sold 481 shares of Adobe stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the transaction, the executive vice president now owns 18,128 shares of the company’s stock, valued at $8,763,437.76. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Daniel Durn sold 6,500 shares of the stock in a transaction that occurred on Tuesday, September 17th. The shares were 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. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,511 shares of company stock worth $17,408,530. 0.15% of the stock is currently owned by insiders.

Adobe Trading Up 0.3 %

NASDAQ:ADBE opened at $486.68 on Thursday. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The firm has a market cap of $215.79 billion, a PE ratio of 43.73, a price-to-earnings-growth ratio of 2.55 and a beta of 1.29. The company has a current ratio of 1.11, a quick ratio of 1.11 and a debt-to-equity ratio of 0.28. The stock has a fifty day moving average price of $525.27 and a 200 day moving average price of $515.81.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a return on equity of 42.82% and a net margin of 25.59%. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the business posted $3.26 EPS. Sell-side analysts anticipate that Adobe Inc. will post 14.8 earnings per share for the current fiscal year.

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.