Paloma Partners Management Co Acquires 24,708 Shares of Adobe Inc. (NASDAQ:ADBE)

Paloma Partners Management Co raised its position in Adobe Inc. (NASDAQ:ADBE) by 8,236.0% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 25,008 shares of the software company’s stock after buying an additional 24,708 shares during the period. Paloma Partners Management Co’s holdings in Adobe were worth $12,949,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bank & Trust Co bought a new stake in shares of Adobe during the 2nd quarter worth $85,000. Fragasso Financial Advisors Inc increased its position in shares of Adobe by 12.1% in the second quarter. Fragasso Financial Advisors Inc now owns 684 shares of the software company’s stock valued at $380,000 after acquiring an additional 74 shares during the period. Lynx Investment Advisory purchased a new position in shares of Adobe during the second quarter valued at about $39,000. New England Research & Management Inc. purchased a new position in shares of Adobe during the second quarter valued at about $431,000. Finally, Sage Capital Advisors llc increased its position in shares of Adobe by 1.4% during the second quarter. Sage Capital Advisors llc now owns 5,784 shares of the software company’s stock valued at $3,213,000 after buying an additional 80 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. 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. Bank of America restated a “buy” rating and set a $640.00 price objective on shares of Adobe in a research report on Friday, September 13th. Citigroup upped their target price on shares of Adobe from $550.00 to $621.00 and gave the company a “neutral” rating in a report on Wednesday, September 11th. Sanford C. Bernstein reduced their price objective 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, Morgan Stanley restated an “overweight” rating and set a $660.00 target price on shares of Adobe in a research report on Friday, September 13th. 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 issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $606.40.

Adobe Trading Up 0.4 %

Shares of ADBE stock opened at $515.93 on Monday. The firm has a 50-day moving average price of $503.01 and a 200 day moving average price of $520.50. Adobe Inc. has a twelve month low of $433.97 and a twelve month high of $638.25. The company has a market capitalization of $227.11 billion, a price-to-earnings ratio of 43.58, a PEG ratio of 2.66 and a beta of 1.30. 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 posted its quarterly earnings data on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.53 by $0.12. Adobe had a net margin of 25.59% and a return on equity of 42.82%. The company had revenue of $5.41 billion during the quarter, compared to the consensus estimate of $5.37 billion. During the same quarter in the prior year, the company posted $3.26 EPS. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. Research analysts forecast that Adobe Inc. will post 14.82 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other 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 of the company’s stock, valued at approximately $9,675,744.42. This represents a 7.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the transaction, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. This represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock worth $17,736,369 in the last 90 days. 0.15% of the stock is owned by company insiders.

Adobe 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.