Sei Investments Co. increased its stake in shares of Adobe Inc. (NASDAQ:ADBE – Free Report) by 6.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 556,768 shares of the software company’s stock after acquiring an additional 31,428 shares during the quarter. Sei Investments Co. owned about 0.12% of Adobe worth $272,256,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of ADBE. Bank Julius Baer & Co. Ltd Zurich raised its position in Adobe by 98,757.4% during the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 491,290,538 shares of the software company’s stock worth $240,236,160,000 after acquiring an additional 490,793,569 shares during the last quarter. State Street Corp raised its position in shares of Adobe by 1.5% in the first quarter. State Street Corp now owns 18,632,322 shares of the software company’s stock valued at $7,180,322,000 after buying an additional 269,173 shares during the last quarter. Morgan Stanley raised its position in shares of Adobe by 17.7% in the fourth quarter. Morgan Stanley now owns 9,804,275 shares of the software company’s stock valued at $3,299,433,000 after buying an additional 1,471,861 shares during the last quarter. Norges Bank acquired a new position in shares of Adobe in the fourth quarter valued at approximately $1,757,029,000. Finally, Moneta Group Investment Advisors LLC raised its position in shares of Adobe by 115,991.0% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 3,248,225 shares of the software company’s stock valued at $1,093,125,000 after buying an additional 3,245,427 shares during the last quarter. 80.00% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
ADBE has been the subject of a number of analyst reports. BMO Capital Markets boosted their price objective on shares of Adobe from $645.00 to $670.00 and gave the company an “outperform” rating in a research report on Friday, November 10th. Wells Fargo & Company upped their price target on shares of Adobe from $600.00 to $625.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 12th. Piper Sandler reaffirmed an “overweight” rating and set a $650.00 price target on shares of Adobe in a research report on Thursday, November 9th. Citigroup upped their price target on shares of Adobe from $544.00 to $570.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 13th. Finally, Deutsche Bank Aktiengesellschaft upped their price target on shares of Adobe from $550.00 to $610.00 and gave the stock a “buy” rating in a research report on Friday, September 15th. Seven analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $603.22.
Insiders Place Their Bets
In other news, EVP Scott Belsky sold 1,991 shares of the business’s stock in a transaction on Tuesday, October 24th. The shares were sold at an average price of $544.39, for a total value of $1,083,880.49. Following the sale, the executive vice president now owns 21,467 shares in the company, valued at approximately $11,686,420.13. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Adobe news, CAO Mark S. Garfield sold 96 shares of the business’s stock in a transaction dated Monday, October 16th. The stock was sold at an average price of $553.18, for a total transaction of $53,105.28. Following the completion of the sale, the chief accounting officer now directly owns 4,055 shares of the company’s stock, valued at approximately $2,243,144.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Scott Belsky sold 1,991 shares of the business’s stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $544.39, for a total value of $1,083,880.49. Following the sale, the executive vice president now directly owns 21,467 shares of the company’s stock, valued at $11,686,420.13. The disclosure for this sale can be found here. Insiders have sold 2,467 shares of company stock worth $1,337,400 over the last 90 days. Corporate insiders own 0.24% of the company’s stock.
Adobe Stock Performance
Shares of NASDAQ:ADBE traded down $2.70 during trading on Tuesday, reaching $610.00. The stock had a trading volume of 729,944 shares, compared to its average volume of 3,091,293. Adobe Inc. has a 52 week low of $318.60 and a 52 week high of $615.57. The firm has a market capitalization of $277.73 billion, a price-to-earnings ratio of 55.14, a P/E/G ratio of 3.43 and a beta of 1.33. The company has a quick ratio of 1.25, a current ratio of 1.25 and a debt-to-equity ratio of 0.23. The stock has a fifty day simple moving average of $545.83 and a two-hundred day simple moving average of $502.47.
Adobe (NASDAQ:ADBE – Get Free Report) last announced its quarterly earnings data on Thursday, September 14th. The software company reported $4.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.98 by $0.11. The business had revenue of $4.89 billion for the quarter, compared to the consensus estimate of $4.87 billion. Adobe had a net margin of 27.11% and a return on equity of 37.73%. Adobe’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter last year, the company posted $2.63 earnings per share. As a group, analysts anticipate that Adobe Inc. will post 12.81 earnings per share for the current fiscal year.
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.
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