Adobe Inc. (NASDAQ:ADBE) Shares Purchased by IFM Investors Pty Ltd

Posted by MarketBeat News on Aug 1st, 2022

IFM Investors Pty Ltd boosted its stake in Adobe Inc. (NASDAQ:ADBE – Get Rating) by 18.9% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 76,547 shares of the software company’s stock after acquiring an additional 12,188 shares during the period. IFM Investors Pty Ltd’s holdings in Adobe were worth $34,876,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Benjamin Edwards Inc. acquired a new position in Adobe in the 4th quarter valued at about $35,000. Delos Wealth Advisors LLC increased its position in Adobe by 169.6% during the 4th quarter. Delos Wealth Advisors LLC now owns 62 shares of the software company’s stock worth $35,000 after purchasing an additional 39 shares during the period. Core Alternative Capital increased its position in Adobe by 67.5% during the 4th quarter. Core Alternative Capital now owns 67 shares of the software company’s stock worth $38,000 after purchasing an additional 27 shares during the period. Sierra Capital LLC increased its position in Adobe by 106.1% during the 4th quarter. Sierra Capital LLC now owns 68 shares of the software company’s stock worth $39,000 after purchasing an additional 35 shares during the period. Finally, Rather & Kittrell Inc. acquired a new position in Adobe during the 4th quarter worth approximately $47,000. Institutional investors and hedge funds own 82.54% of the company’s stock.

Insider Transactions at Adobe

In other news, EVP Scott Belsky sold 2,711 shares of the company’s stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $393.58, for a total transaction of $1,066,995.38. Following the completion of the sale, the executive vice president now directly owns 26,089 shares in the company, valued at approximately $10,268,108.62. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, EVP Scott Belsky sold 2,711 shares of the company’s stock in a transaction on Tuesday, July 26th. The stock was sold at an average price of $393.58, for a total transaction of $1,066,995.38. Following the completion of the sale, the executive vice president now directly owns 26,089 shares in the company, valued at approximately $10,268,108.62. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CMO Ann Lewnes sold 794 shares of the company’s stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $400.00, for a total value of $317,600.00. Following the sale, the chief marketing officer now owns 23,988 shares of the company’s stock, valued at $9,595,200. The disclosure for this sale can be found here. Insiders sold a total of 3,637 shares of company stock worth $1,438,682 in the last ninety days. Insiders own 0.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on ADBE shares. Evercore ISI dropped their target price on Adobe from $650.00 to $475.00 and set an “outperform” rating on the stock in a research report on Friday, June 17th. Wells Fargo & Company dropped their target price on Adobe from $525.00 to $425.00 and set an “overweight” rating on the stock in a research report on Friday, June 17th. Credit Suisse Group dropped their target price on Adobe from $525.00 to $425.00 and set a “neutral” rating on the stock in a research report on Friday, June 17th. BMO Capital Markets initiated coverage on Adobe in a research report on Friday, June 17th. They set a “buy” rating and a $420.00 target price on the stock. Finally, Wolfe Research lowered their price target on Adobe from $500.00 to $400.00 and set an “outperform” rating on the stock in a report on Friday, June 17th. Six equities research analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company. Based on data from MarketBeat, Adobe presently has an average rating of “Moderate Buy” and an average price target of $489.31.

Adobe Trading Up 1.6 %

Shares of Adobe stock opened at $410.12 on Monday. Adobe Inc. has a fifty-two week low of $338.00 and a fifty-two week high of $699.54. The firm has a market cap of $191.94 billion, a PE ratio of 40.05, a P/E/G ratio of 2.09 and a beta of 1.11. The business’s fifty day moving average is $391.69 and its two-hundred day moving average is $429.85. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.26.

Adobe (NASDAQ:ADBE – Get Rating) last issued its quarterly earnings results on Thursday, June 16th. The software company reported $2.70 earnings per share for the quarter, topping analysts’ consensus estimates of $2.65 by $0.05. Adobe had a return on equity of 36.70% and a net margin of 29.29%. The company had revenue of $4.39 billion for the quarter, compared to analyst estimates of $4.34 billion. During the same quarter in the prior year, the company posted $2.56 EPS. Analysts anticipate that Adobe Inc. will post 10.99 earnings per share for the current year.

Adobe Profile

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Adobe Inc 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.