Qsemble Capital Management LP Purchases Shares of 9,871 Adobe Inc. (NASDAQ:ADBE)

Qsemble Capital Management LP bought a new position in Adobe Inc. (NASDAQ:ADBE) during the third quarter, Holdings Channel.com reports. The fund bought 9,871 shares of the software company’s stock, valued at approximately $5,111,000. Adobe accounts for approximately 0.9% of Qsemble Capital Management LP’s investment portfolio, making the stock its 14th largest position.

Other institutional investors and hedge funds also recently modified their holdings of the company. Piscataqua Savings Bank grew its stake in 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. MidAtlantic Capital Management Inc. purchased a new position in Adobe during the third quarter valued at approximately $30,000. Summit Securities Group LLC acquired a new position in Adobe in the 2nd quarter valued at approximately $33,000. Briaud Financial Planning Inc purchased a new stake in Adobe in the 3rd quarter worth approximately $36,000. Finally, Highline Wealth Partners LLC purchased a new position in shares of Adobe during the 3rd quarter valued at $38,000. Institutional investors and hedge funds own 81.79% of the company’s stock.

Wall Street Analyst Weigh In

ADBE has been the subject of several recent research reports. 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. Piper Sandler reiterated an “overweight” rating and set a $635.00 price target on shares of Adobe in a report on Friday, September 13th. Oppenheimer reaffirmed an “outperform” rating and set a $625.00 price objective on shares of Adobe in a research report on Friday, September 13th. JMP Securities reissued a “market perform” rating on shares of Adobe in a report on Friday, September 13th. Finally, Citigroup boosted their price objective on Adobe from $550.00 to $621.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 11th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, eighteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $606.40.

Insider Activity at Adobe

In related news, EVP Scott Belsky sold 481 shares of the company’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $483.42, for a total transaction of $232,525.02. Following the sale, the executive vice president now owns 18,128 shares in the company, valued at approximately $8,763,437.76. This represents a 2.58 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Jillian Forusz sold 676 shares of the company’s stock in a transaction that occurred on Tuesday, October 29th. The stock was sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now owns 2,715 shares in the company, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 34,187 shares of company stock worth $17,736,369. 0.15% of the stock is currently owned by company insiders.

Adobe Trading Up 1.1 %

ADBE traded up $5.84 during mid-day trading on Monday, reaching $517.99. The stock had a trading volume of 447,575 shares, compared to its average volume of 3,135,579. The firm’s fifty day simple moving average is $503.13 and its two-hundred day simple moving average is $519.25. The stock has a market capitalization of $228.02 billion, a P/E ratio of 43.26, a P/E/G ratio of 2.64 and a beta of 1.30. Adobe Inc. has a 52 week low of $433.97 and a 52 week high of $638.25. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11.

Adobe (NASDAQ:ADBE) last released its earnings results on Thursday, September 12th. The software company reported $4.65 EPS for the quarter, topping 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 firm had revenue of $5.41 billion during the quarter, compared to analyst estimates of $5.37 billion. During the same quarter in the previous year, the business earned $3.26 EPS. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. On average, equities analysts predict that Adobe Inc. will post 14.82 EPS for the current year.

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.