Aljian Capital Management LLC Invests $1.13 Million in Adobe Inc. (NASDAQ:ADBE)

Aljian Capital Management LLC bought a new position in Adobe Inc. (NASDAQ:ADBE) in the 3rd quarter, Holdings Channel.com reports. The institutional investor bought 2,175 shares of the software company’s stock, valued at approximately $1,126,000.

Other institutional investors also recently bought and sold shares of the company. Piscataqua Savings Bank lifted its holdings in shares of Adobe by 226.7% during the 3rd quarter. Piscataqua Savings Bank now owns 49 shares of the software company’s stock valued at $25,000 after acquiring an additional 34 shares in the last quarter. Summit Securities Group LLC bought a new position in Adobe during the 2nd quarter valued at $33,000. Highline Wealth Partners LLC acquired a new position in Adobe during the 3rd quarter worth $38,000. Lynx Investment Advisory bought a new stake in shares of Adobe in the 2nd quarter worth about $39,000. Finally, Hobbs Group Advisors LLC acquired a new stake in shares of Adobe in the 2nd quarter valued at about $39,000. 81.79% of the stock is currently owned by institutional investors and hedge funds.

Adobe Trading Down 5.0 %

Shares of NASDAQ:ADBE opened at $503.37 on Monday. The firm has a market cap of $221.58 billion, a price-to-earnings ratio of 42.51, a PEG ratio of 2.59 and a beta of 1.30. The company’s fifty day simple moving average is $509.79 and its 200 day simple moving average is $518.69. Adobe Inc. has a 12 month low of $433.97 and a 12 month high of $638.25. The company has a quick ratio of 1.11, a current ratio of 1.11 and a debt-to-equity ratio of 0.28.

Adobe (NASDAQ:ADBE) last posted its earnings results on Thursday, September 12th. The software company reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.53 by $0.12. The company had revenue of $5.41 billion during the quarter, compared to analysts’ expectations of $5.37 billion. Adobe had a net margin of 25.59% and a return on equity of 42.82%. Adobe’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the company posted $3.26 EPS. As a group, research analysts forecast that Adobe Inc. will post 14.82 EPS for the current fiscal year.

Insider Buying and Selling

In other Adobe news, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total transaction of $13,039,500.00. Following the completion of the transaction, the chief executive officer now owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. The trade was a 6.53 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Jillian Forusz sold 676 shares of the firm’s stock in a transaction that occurred on Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total transaction of $327,839.72. Following the completion of the sale, the chief accounting officer now owns 2,715 shares in the company, 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 34,187 shares of company stock valued at $17,736,369 over the last quarter. 0.15% of the stock is owned by company insiders.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. JMP Securities restated a “market perform” rating on shares of Adobe in a research note on Friday, September 13th. Citigroup raised 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. Piper Sandler restated an “overweight” rating and set a $635.00 price objective on shares of Adobe in a research note on Friday, September 13th. Argus upgraded Adobe to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Stifel Nicolaus raised their price target on shares of Adobe from $600.00 to $650.00 and gave the company a “buy” rating in a research note on Friday, September 6th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, eighteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Adobe has an average rating of “Moderate Buy” and an average price target of $606.40.

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.