Chicago Capital LLC Raises Stock Holdings in Adobe Inc. (NASDAQ:ADBE)

Chicago Capital LLC raised its stake in Adobe Inc. (NASDAQ:ADBE) by 12.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 39,274 shares of the software company’s stock after purchasing an additional 4,429 shares during the period. Chicago Capital LLC’s holdings in Adobe were worth $21,818,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also added to or reduced their stakes in the company. Vise Technologies Inc. raised its stake in shares of Adobe by 267.3% during the 4th quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock worth $4,635,000 after acquiring an additional 5,654 shares in the last quarter. Steph & Co. grew its holdings in Adobe by 63.8% in the first quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares during the last quarter. International Assets Investment Management LLC increased its position 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. Choreo LLC lifted its holdings in shares of Adobe by 4.7% during the 1st quarter. Choreo LLC now owns 4,431 shares of the software company’s stock valued at $2,236,000 after purchasing an additional 197 shares during the last quarter. Finally, Eagle Asset Management Inc. boosted its position in shares of Adobe by 14.7% in the 4th quarter. Eagle Asset Management Inc. now owns 24,400 shares of the software company’s stock worth $14,557,000 after purchasing an additional 3,120 shares in the last quarter. 81.79% of the stock is currently owned by institutional investors.

Adobe Price Performance

Adobe stock traded down $4.52 during midday trading on Friday, reaching $563.41. The company had a trading volume of 2,096,790 shares, compared to its average volume of 3,173,966. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.16 and a quick ratio of 1.16. Adobe Inc. has a 12-month low of $433.97 and a 12-month high of $638.25. The company has a market capitalization of $249.82 billion, a P/E ratio of 50.62, a P/E/G ratio of 3.00 and a beta of 1.30. The firm’s fifty day simple moving average is $553.72 and its 200-day simple moving average is $519.38.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, June 13th. The software company reported $4.48 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.39 by $0.09. The business had revenue of $5.31 billion during the quarter, compared to analyst estimates of $5.29 billion. Adobe had a net margin of 24.86% and a return on equity of 40.67%. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $3.04 earnings per share. As a group, equities analysts anticipate that Adobe Inc. will post 14.69 EPS for the current year.

Insider Buying and Selling

In related news, CAO Mark S. Garfield sold 264 shares of the business’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the sale, the chief accounting officer now directly owns 2,740 shares in the company, valued at approximately $1,439,897.40. 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 151 shares of the firm’s stock in a transaction dated Tuesday, July 16th. The stock was sold at an average price of $564.60, for a total transaction of $85,254.60. Following the completion of the transaction, the chief accounting officer now directly owns 2,797 shares in the company, valued at approximately $1,579,186.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Mark S. Garfield sold 264 shares of Adobe stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $525.51, for a total value of $138,734.64. Following the completion of the transaction, the chief accounting officer now directly owns 2,740 shares of the company’s stock, valued at $1,439,897.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 27,523 shares of company stock worth $14,994,277. Company insiders own 0.15% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on ADBE. Piper Sandler Companies reaffirmed an “overweight” rating and set a $635.00 target price on shares of Adobe in a research report on Friday, July 12th. Barclays increased their price objective on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research report on Wednesday. JMP Securities reissued a “market perform” rating on shares of Adobe in a research report on Friday, June 14th. Evercore ISI reaffirmed an “outperform” rating and issued a $650.00 price target on shares of Adobe in a report on Friday, June 7th. Finally, Melius Research reiterated a “hold” rating and set a $510.00 price objective on shares of Adobe in a research note on Monday, June 10th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $605.52.

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.