Adobe Inc. (NASDAQ:ADBE) Stake Lifted by Atreides Management LP

Atreides Management LP grew its holdings in Adobe Inc. (NASDAQ:ADBE) by 8.0% during the third quarter, HoldingsChannel reports. The fund owned 281,890 shares of the software company’s stock after purchasing an additional 20,876 shares during the period. Adobe accounts for about 3.7% of Atreides Management LP’s investment portfolio, making the stock its 6th biggest holding. Atreides Management LP’s holdings in Adobe were worth $145,957,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. FMR LLC increased its holdings in shares of Adobe by 8.8% in the 3rd quarter. FMR LLC now owns 9,690,163 shares of the software company’s stock valued at $5,017,373,000 after acquiring an additional 787,356 shares during the last quarter. Fisher Asset Management LLC increased its holdings in shares of Adobe by 2.0% in the 3rd quarter. Fisher Asset Management LLC now owns 4,859,584 shares of the software company’s stock valued at $2,516,196,000 after acquiring an additional 93,143 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Adobe by 3.1% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,741,549 shares of the software company’s stock valued at $2,455,079,000 after acquiring an additional 140,390 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Adobe by 0.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,716,451 shares of the software company’s stock valued at $1,406,524,000 after acquiring an additional 21,444 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in Adobe by 0.6% during the second quarter. Principal Financial Group Inc. now owns 1,975,509 shares of the software company’s stock worth $1,097,475,000 after buying an additional 12,065 shares during the period. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have commented on ADBE shares. Argus raised Adobe to a “strong-buy” rating in a research report on Monday, September 16th. Bank of America reaffirmed a “buy” rating and set a $640.00 price target on shares of Adobe in a research report on Friday, September 13th. Sanford C. Bernstein cut their price target on Adobe from $660.00 to $644.00 and set an “outperform” rating on the stock in a research report on Friday, September 13th. Morgan Stanley reaffirmed an “overweight” rating and set a $660.00 price target on shares of Adobe in a research report on Friday, September 13th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $610.00 price target on shares of Adobe in a research report on Tuesday, October 15th. Two investment 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. According to data from MarketBeat.com, Adobe currently has an average rating of “Moderate Buy” and a consensus price target of $606.40.

Insider Transactions at Adobe

In other news, CAO Jillian Forusz sold 676 shares of the business’s stock in a transaction 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 completion of the transaction, the chief accounting officer now directly owns 2,715 shares of the company’s stock, valued at $1,316,693.55. The trade was a 19.94 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Shantanu Narayen sold 25,000 shares of the business’s stock in a transaction on Wednesday, September 25th. The stock was sold at an average price of $521.58, for a total value of $13,039,500.00. Following the completion of the transaction, the chief executive officer now directly owns 357,700 shares of the company’s stock, valued at approximately $186,569,166. This trade represents a 6.53 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,187 shares of company stock valued at $17,736,369 over the last three months. 0.15% of the stock is currently owned by insiders.

Adobe Stock Up 0.4 %

ADBE opened at $515.93 on Monday. The business’s fifty day moving average is $503.01 and its two-hundred day moving average is $520.50. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.11 and a current ratio of 1.11. The company has a market cap of $227.11 billion, a price-to-earnings ratio of 43.58, a PEG ratio of 2.66 and a beta of 1.30. Adobe Inc. has a one year low of $433.97 and a one year high of $638.25.

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