Barden Capital Management Inc. Boosts Holdings in Adobe Inc. (NASDAQ:ADBE)

Barden Capital Management Inc. increased its holdings in Adobe Inc. (NASDAQ:ADBE) by 2.5% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 5,909 shares of the software company’s stock after buying an additional 142 shares during the period. Adobe accounts for 2.7% of Barden Capital Management Inc.’s investment portfolio, making the stock its 10th biggest position. Barden Capital Management Inc.’s holdings in Adobe were worth $3,060,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. GAMMA Investing LLC boosted 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 valued at $3,344,000 after acquiring an additional 1,412 shares during the period. Steph & Co. lifted its stake in Adobe by 63.8% in the 1st quarter. Steph & Co. now owns 77 shares of the software company’s stock worth $39,000 after purchasing an additional 30 shares in the last quarter. Anchor Investment Management LLC boosted its holdings in Adobe by 9.8% in the 2nd quarter. Anchor Investment Management LLC now owns 16,006 shares of the software company’s stock valued at $8,892,000 after purchasing an additional 1,430 shares during the period. Choreo LLC grew its position 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 in the last quarter. Finally, Fairscale Capital LLC bought a new position in shares of Adobe in the second quarter worth $1,318,000. 81.79% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Adobe

In other 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 owns 2,797 shares of the company’s stock, valued at approximately $1,501,989. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Adobe news, EVP Scott Belsky sold 1,530 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $513.82, for a total value of $786,144.60. Following the completion of the transaction, the executive vice president now owns 18,831 shares in the company, valued at approximately $9,675,744.42. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Mark S. Garfield sold 97 shares of the business’s stock in a transaction on 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 owns 2,797 shares in the company, valued at approximately $1,501,989. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 33,608 shares of company stock valued at $17,486,391. 0.15% of the stock is currently owned by company insiders.

Adobe Stock Performance

Adobe stock opened at $494.90 on Monday. 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 firm has a market cap of $219.44 billion, a P/E ratio of 44.47, 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 firm has a 50-day moving average of $535.45 and a 200-day moving average of $515.91.

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 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 during the quarter, compared to analysts’ expectations of $5.37 billion. During the same quarter last year, the business posted $3.26 EPS. The business’s revenue was up 10.6% on a year-over-year basis. Sell-side analysts expect that Adobe Inc. will post 14.8 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Piper Sandler reissued an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research note on Friday, September 13th. Barclays boosted their price objective on Adobe from $650.00 to $675.00 and gave the stock an “overweight” rating in a report on Wednesday, September 4th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $610.00 target price on shares of Adobe in a research note on Tuesday, October 15th. Sanford C. Bernstein cut their price target on shares of Adobe from $660.00 to $644.00 and set an “outperform” rating for the company in a research note on Friday, September 13th. Finally, StockNews.com upgraded shares of Adobe from a “hold” rating to a “buy” rating in a research report on Friday, September 13th. Two 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. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $606.40.

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.