Sky Investment Group LLC Has $2.01 Million Position in Adobe Inc. (NASDAQ:ADBE)

Sky Investment Group LLC raised its stake in Adobe Inc. (NASDAQ:ADBE) by 10.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,889 shares of the software company’s stock after buying an additional 352 shares during the period. Sky Investment Group LLC’s holdings in Adobe were worth $2,014,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Swedbank AB acquired a new position in shares of Adobe in the 1st quarter worth approximately $621,179,000. Longview Partners Guernsey LTD bought a new stake in Adobe during the second quarter valued at $663,745,000. Price T Rowe Associates Inc. MD raised its position in shares of Adobe by 17.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 7,644,050 shares of the software company’s stock worth $3,857,189,000 after acquiring an additional 1,146,718 shares in the last quarter. BlueSpruce Investments LP raised its position in shares of Adobe by 81.1% in the 1st quarter. BlueSpruce Investments LP now owns 1,285,596 shares of the software company’s stock worth $648,712,000 after acquiring an additional 575,675 shares in the last quarter. Finally, Liberty Wealth Management LLC lifted its stake in shares of Adobe by 55,496.6% in the 2nd quarter. Liberty Wealth Management LLC now owns 572,645 shares of the software company’s stock valued at $318,127,000 after purchasing an additional 571,615 shares during the period. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on ADBE shares. UBS Group decreased their target price on Adobe from $560.00 to $550.00 and set a “neutral” rating for the company in a research note on Friday, September 13th. Argus upgraded shares of Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Barclays boosted their target price on shares of Adobe from $650.00 to $675.00 and gave the company an “overweight” rating in a research report on Wednesday, September 4th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $610.00 price target on shares of Adobe in a research note on Tuesday, October 15th. Finally, Bank of America reiterated a “buy” rating and set a $640.00 price objective on shares of Adobe in a report on Friday, September 13th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $606.40.

Adobe Stock Performance

Shares of NASDAQ:ADBE traded down $4.75 during mid-day trading on Tuesday, reaching $492.96. The company had a trading volume of 528,194 shares, compared to its average volume of 3,196,116. The company’s 50-day moving average price is $534.79 and its 200-day moving average price is $515.99. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25. The firm has a market cap of $218.58 billion, a price-to-earnings ratio of 44.39, a PEG 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.

Adobe (NASDAQ:ADBE) last released its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $5.37 billion. During the same period in the prior year, the firm earned $3.26 earnings per share. The company’s revenue was up 10.6% compared to the same quarter last year. As a group, equities research analysts anticipate that Adobe Inc. will post 14.8 EPS for the current fiscal year.

Insider Activity at Adobe

In other Adobe news, EVP Scott Belsky sold 481 shares of the stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $537.00, for a total transaction of $258,297.00. Following the sale, the executive vice president now owns 19,658 shares in the company, valued at $10,556,346. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CFO Daniel Durn sold 6,500 shares of the stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $515.44, for a total value of $3,350,360.00. Following the sale, the chief financial officer now owns 20,838 shares in the company, valued at approximately $10,740,738.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Scott Belsky sold 481 shares of the business’s stock in a transaction dated Thursday, July 25th. The stock was sold at an average price of $537.00, for a total value of $258,297.00. Following the transaction, the executive vice president now owns 19,658 shares of the company’s stock, valued at approximately $10,556,346. 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 ninety days, insiders sold 33,608 shares of company stock worth $17,486,391. Corporate insiders own 0.15% of the company’s stock.

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.